Stock trading in green: Coherent, Inc. (NASDAQ: COHR)

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Coherent, Inc. (NASDAQ: COHR) stock rose 2.71% on May 27th, 2020 and continued its bullish momentum, rising over 0.9% on May 28th, 2020 (as of 11:32 am GMT-4; Source: Google finance) after the company posted better than expected results for the second quarter of FY 20. The company’s non-restricted cash, cash equivalents and short-term investments were approximately $369 million at the end of fiscal Q2, which represents an increase of approximately $19 million compared to the end of last quarter. The net inventory balance at the end of fiscal second quarter was approximately $457 million, which represents an increase of $7 million, mainly due to an increase in finished goods on the back of closures in the shipping and receiving departments of some of our customers due to COVID-19.

COHR in the second quarter of FY 20 has reported the adjusted earnings per share of 61 cents, beating the analysts’ estimates for the adjusted earnings per share of 54 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $293.15 million in the second quarter of FY 20, missing the analysts’ estimates for revenue by 5.05%. The sales were negatively affected due to the COVID-19 pandemic primarily in Asia during the second quarter and began impacting Europe and North America later in the quarter. The company projects the impact to revenues was approximately between $30 million and $35 million during the quarter.

Moreover, the revenue mix by market for the second quarter was microelectronics 42%; materials processing 29%; OEM components and instrumentation 22%; and scientific with 7%. Geographically, Asia accounted for 48% of revenues in the fiscal second quarter, the U.S. 25%, Europe 22%, and the Rest of the World 5%. Asia includes two territories and Europe includes one territory with revenues more than 10% of sales. The company had one customer in South Korea related to large flat panel display manufacturing that contributed more than 10% of the fiscal second quarter revenues.

The revenue from other product and service for the fiscal second quarter was $99 million or approximately 34% of sales. Other product revenue consists of spare parts, related accessories, and other consumable products and was approximately 29% of sales. Revenue from services and service agreements was approximately 5% of sales. The total services revenue has fallen sequentially by approximately $18 million mainly due to the inability to service the installed base due to shutdowns and travel restrictions in coronavirus impacted areas.

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