Coherent beats by $0.11, beats on revs; guides JunQ EPS in-line, revs in-line
5:22 PM ET 5/6/24 | Briefing.com
Reports Q3 (Mar) earnings of $0.53 per share, excluding non-recurring items, $0.11 better than the FactSet Consensus of $0.42; revenues fell 2.5% year/year to $1.21 bln vs the $1.17 bln FactSet Consensus. Co issues in-line guidance for Q4 (Jun), sees EPS of $0.52-0.68, excluding non-recurring items, vs. $0.56 FactSet Consensus; sees Q4 revs of $1.23-1.32 bln vs. $1.27 bln FactSet Consensus.In the face of what remains a challenging macroeconomic environment, for the quarter, co says it delivered solid sequential revenue growth, above the high end of guidance, and implemented rigorous controls on operating expense, which came in below the midpoint of guidance, and which together offset disappointing gross margin to drive strong sequential improvement in Non-GAAP EPS, above the high end of guidance. Demand: "Our Datacom strength is more than offsetting slower than expected revenue growth in some other markets and verticals. We remain confident in our long-term growth prospects for each of these markets and verticals. We also saw additional positive trends in each. We emerged from the third quarter, however, relatively more cautious as to the timing of recovery in revenue growth in our Telecom vertical and as to the growth rate in fiscal 2025 for our silicon carbide revenue." |
