© Reuters. Coherent (COHR) leaps 10% on strong earnings and Q3 guidance
Coherent’s (COHR) shares popped nearly 10% in premarket trading Tuesday after the semiconductor company beat expectations for FQ2 earnings and revenue.
The firm posted second-quarter earnings per share (EPS) of $0.36, surpassing the consensus estimates of $0.25. Revenue came in at $1.13 billion, also ahead of the $1.12 billion projected by analysts.
“As previewed, COHR posted FQ2 upside driven by strength of datacomm and lasers, with meaningful follow-through to EPS,” Morgan Stanley analysts said in a note.
“AI transceivers business scaling faster than expected, leaving us incrementally more positive, even as other businesses still recovering from inventory digestion.”
Looking ahead, Coherent (NYSE:) expects FQ3 EPS in the range of $0.32 to $0.52, compared to the estimated $0.37. Revenue is anticipated to land between $1.12 billion and $1.20 billion, while analysts guided for $1.16 billion.
For the full fiscal 2024, the laser and optics manufacturer sees EPS ranging from $1.30 to $1.70, with the midpoint of that range notably ahead of the $1.32 consensus. FY 2024 revenue is anticipated to be in the range of $4.55 billion to $4.70 billion, compared to the estimated $4.58 billion.
This story originally appeared on Investing
