Coherent Corp. COHR shares are trading higher Thursday. The stock has rebounded following a drop after the company posted fourth-quarter results and issued first-quarter and full-year 2024 outlook below estimates.
What To Know: On Wednesday, Coherent posted fourth-quarter earnings. The company reported quarterly earnings of 41 cents per share which beat the analyst consensus estimate of 38 cents, a 58.16% decrease over earnings of 98 cents per share from the same period last year.
Quarterly sales were reported at $1.21 billion which beat the analyst consensus estimate of $1.15 billion, a 35.85% increase over sales of $887.00 million the same period last year.
The company issued first-quarter revenue guidance in a range between $1.0 billion and $1.1 billion, versus the consensus estimate of $1.17 billion. Earnings per share were estimated between 5 cents and 20 cents, versus the estimate of 46 cents.
Coherent also anticipated full-year 2024 revenue between $4.5 billion and $4.7 billion, versus the $5.1 billion estimate. Earnings per share were estimated between $1.00 and $1.50, versus the $2.96 estimate.
On Thursday, several analysts lowered their price targets on Coherent, ranging from $35 and $50.
However, Coherent has rebounded over 2% on Thursday despite the recent setbacks.
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COHR Price Action: Shares of COHR were up 1.18% at $33.36 at the time of publication, according to Benzinga Pro.
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