Display Sales Buoy Coherent in Q2

Coherent Inc. reported a nearly 31 percent increase in earnings to $15.3 million from its first fiscal quarter to its second, citing demand for flat-panel displays.

The company had net sales of $199.2 million in the second quarter, compared to $200.1 million in the second quarter of 2013. In the first quarter of 2014, sales were $193.6 million, and net income was $11.7 million.

“Overall demand, especially within microelectronics, is improving,” said President and CEO John Ambroseo. “The flat-panel display (FPD) market is robust. During April, we received a number of FPD system orders in addition to the large order received in the second fiscal quarter.”

The advanced packaging market was weak but should begin to recover in the fourth fiscal quarter, Ambroseo said. He also expects more demand from manufacturers for the company’s glass- and sapphire-cutting products.

Third-quarter revenue is expected to hold steady, and fourth-quarter revenue is expected to increase by 10 percent, Ambroseo said.