Coherent Corp. has reported its fourth quarter and full-year fiscal 2024 results, showcasing notable improvements in various financial metrics compared to the previous periods.
In the fourth quarter of fiscal 2024, the company achieved a revenue of $1.314 billion, marking a 9.1% year-over-year growth. The GAAP gross margin increased by 437 basis points (bps) year-over-year to 32.9%, while the non-GAAP gross margin also saw a 132 bps year-over-year increase to 37.2%.
Furthermore, the GAAP earnings per share (EPS) showed a significant improvement, with a positive change of $1.02 year-over-year, resulting in a reported loss of ($0.52) per diluted share. On a non-GAAP basis, the EPS of $0.61 reflected an impressive 49% year-over-year improvement, representing an increase of $0.20.
For the full fiscal year 2024, Coherent Corp. achieved a revenue of $4.708 billion, with a GAAP gross margin of 30.9% and a GAAP net loss of $(1.84) per diluted share. On a non-GAAP basis, the gross margin was 36.0%, and the company reported a net income per diluted share of $1.67.
The company's operating expenses also exhibited positive changes, with a 255 bps sequential increase in GAAP gross margin and a 145 bps sequential increase in non-GAAP gross margin, driving a sequential increase in GAAP and non-GAAP operating margin.
Looking ahead to the first quarter of fiscal 2025, Coherent Corp. provided a business outlook, anticipating revenue to be between $1.27 billion and $1.35 billion, with a projected non-GAAP gross margin percentage of 36% to 38%. The total operating expenses for the first quarter of fiscal 2025 are expected to range between $260 million and $280 million on a non-GAAP basis.
As a result of these announcements, the company's shares have moved 6.4% on the market, and are now trading at a price of $71.28. For more information, read the company's full 8-K submission here.
