Fri, Aug 16, 1:22 PM (151 days ago)
Coherent Corp. reported a 9% decline in total revenues for the fiscal year ending June 30, 2024, amounting to $4,708 million, primarily driven by decreased demand in the electronics and instrumentation markets. The company recorded a net loss of $156 million, translating to a diluted loss per share of $1.84. Operating expenses decreased significantly due to lower SG&A and restructuring costs, although gross margins fell slightly to 31%. The company's restructuring plan, aimed at consolidating operations, incurred charges of $27 million in 2024. Coherent's total debt stands at approximately $4.1 billion, with a weighted average interest rate of 7%. The acquisition of Coherent, Inc. in July 2022 has led to substantial goodwill, currently at $4.46 billion, reflecting anticipated synergies. Looking ahead, Coherent aims to leverage its investments in AI-related datacom shipments and silicon carbide substrates, although risks include reliance on a few large customers and ongoing market volatility. The company has a robust backlog of $2.6 billion, indicating potential future revenue stabilization.