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Coherent Corp. (COHR-4.33%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total revenues of $1,434,665,000 for the quarter, an increase from $1,131,434,000 in the same quarter the previous year. This growth was primarily driven by strong demand in the communications market, particularly in the datacom vertical due to AI datacenter demand.
The cost of goods sold for the quarter was $925,314,000, representing 64% of sales, compared to 69% in the same quarter of the previous year. This improvement in cost ratio was attributed to higher revenue volume and cost reductions.
Coherent Corp. reported a gross margin of $509,351,000 for the quarter, compared to $350,641,000 in the previous year, reflecting an increase in gross margin percentage from 31% to 36%.
Research and development expenses were $143,852,000, or 10% of revenues, consistent with the same percentage of revenues in the prior year.
Selling, general, and administrative expenses were $220,612,000, representing 15% of revenues, down from 18% in the previous year, due to higher sales volumes and lower integration consulting costs.
Net income for the quarter was $101,542,000, compared to a net loss of $28,475,000 in the previous year. Net earnings attributable to Coherent Corp. were $103,385,000, after accounting for noncontrolling interests.
The company reported basic earnings per share of $0.46 and diluted earnings per share of $0.44 for the quarter, compared to a loss per share of $0.38 in the previous year.
Coherent Corp. ended the quarter with cash and cash equivalents of $917,815,000, and total debt obligations of $3,859,902,000.
The filing also details the company's restructuring plan, which resulted in charges of $8,021,000 for the quarter, primarily related to site move costs and employee termination costs.
Coherent Corp. continues to focus on its growth strategy, with significant investments in research and development to support its product portfolio, particularly in the communications market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Coherent Corp. quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.