• Mon. Nov 23rd, 2020

Pharma Oracle

Evolving Today for better Tomorrow

Latest activity in recent index: Coherent, Inc. (NASDAQ: COHR)

On 21 Feb 2020, Coherent, Inc. stock identified change of 30.70% away from 52-week low price and recently located move of -19.96% off 52-week high price. COHR stock has been recorded -11.12% away from 50 day moving average and -2.75% away from 200 day moving average. Moving closer, we can see that shares have been trading -6.84% off 20-day moving average.

Coherent, Inc. (COHR) recently reported financial results for its first fiscal quarter ended December 28, 2019.

FIRST FISCAL QUARTER DETAILS

For the first quarter of fiscal 2020, Coherent reported net sales of $320.8M and net income, on a U.S. generally accepted accounting principles (GAAP) basis, of $5.8M, or $0.24 per diluted share.

These results compare to net sales of $383.1M and net income of $35.6M, or $1.45 per diluted share, for the first quarter of fiscal 2019 and net sales of $335.5M and net income of $0.6M, or $0.03 per diluted share, for the fourth quarter of fiscal 2019.

Non-GAAP net income for the first quarter of fiscal 2020 was $20.7M, or $0.86 per diluted share. Non-GAAP net income for the first quarter of fiscal 2019 was $51.1M, or $2.09 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2019 was $21.4M, or $0.89 per diluted share.  Reconciliations of GAAP to non-GAAP financial measures for the three months ended December 28, 2019, September 28, 2019 and December 29, 2018 appear in the financial statements portion of this release under the heading “Reconciliation of GAAP to Non-GAAP net income.”

Effective September 29, 2019, Coherent adopted ASC 842 – Lease Accounting and applied the new guidance to all leases existing as of the date of adoption. Coherent’s stated results for the first quarter of fiscal 2020 reflect the application of ASC 842, while previous period amounts have not been adjusted and continue to be stated in accordance with its historical lease accounting.

“Overall market conditions appear to be stabilizing and demand trends in certain end markets were encouraging in our first fiscal quarter.  Orders from the microelectronics market were well above a book-to-bill of one.  We received new ELA system orders, and service revenues reflected increases in consumer purchases of OLED-equipped handsets.  The wafer fab equipment market has accelerated over the past three months after two major chip manufacturers reported higher capex budgets for 2020, which contributed to better than predictable bookings during fiscal Q1. The advanced packaging market is also trending up Because of 5G investments in China,” stated John Ambroseo, Coherent’s President and Chief Executive Officer. “The materials processing (MP) market took another step forward with a book-to-bill of one in a seasonally-adjusted quarter.  Concerns about weak PMIs in the Eurozone are partially offset by strength in North America and a domestic-led recovery in China. Competition remains tough in the MP market, especially in China where domestic suppliers are gaining share through a combination of improved performance and reliability coupled with aggressive pricing,” he added.

The Company notes that it continues to monitor the dynamic and evolving impact on global trade stemming from the novel coronavirus outbreak. This developing trend will have an adverse effect on the Company’s financial performance. The magnitude of the impact will not be fully understood until after China-based consumer and supplier work forces return from the government-extended lunar new year holiday. While we continue to monitor the situation, at this point in time we have assumed a revenue decrease of $20 to $25M as the impact on our second fiscal quarter outlook.

The Technology sector company, Coherent, Inc. noticed change of -5.18% to $142.54 along volume of 323724 shares in recent session compared to an average volume of 237.48K. COHR’s shares are at -6.09% for the quarter and driving a 9.74% return over the course of the past year and is now at -14.31% since this point in 2018. The average volatility for the week at 4.32% and for month was at 3.86%. There are 25.47M shares outstanding and 23.83M shares are floated in market.

 

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