SANTA CLARA, Calif.,
Oct. 22, 2018 /PRNewswire/
-- Coherent, Inc. (NASDAQ: COHR) today announced that it
expects, for the fourth fiscal quarter ended September 29, 2018, revenue, non-GAAP gross
margin percentage and non-GAAP operating margin percentage in the
approximate ranges set forth below, which as noted, are below the
guidance ranges previously provided by the company during its
earnings conference call on July 31,
2018:
|
Updated
Ranges
|
Previous
Ranges
|
Revenue
|
$460 million - $461
million
|
$465 million - $485
million
|
Non-GAAP Gross Margin
%
|
43% - 44%
|
46% - 49%
|
Non-GAAP Operating
Margin %
|
22% - 23%
|
25% - 28%
|
As the company's quarter-end financial review is not complete,
the updated ranges are subject to adjustments.
The updated ranges result from several factors, including end of
quarter execution challenges in one of the company's German
manufacturing sites and a softening demand environment in
China. The company continues to finalize its financial and
operational review and will provide additional comments on the past
quarter, the upcoming quarter and macro views of fiscal 2019 and
fiscal 2020 on its November 6, 2018
earnings call.
Fiscal Fourth Quarter 2018 Results Conference Call
Coherent will release its fiscal fourth quarter 2018 financial
results after the market closes on Tuesday,
November 6, 2018. The company will hold a conference
call to review the results at approximately 1:30 p.m. (Pacific)/4:30
p.m. (EDT). A listen-only broadcast of the conference
call can be accessed on the company's website at
www.coherent.com/investors . For those not available to
listen to the live broadcast, the call will be archived for
approximately three months.
The previous and updated guidance for non-GAAP financial
measures excludes share-based compensation-related charges,
amortization of intangible assets, restructuring charges, other
impairment charges (recoveries), acquisition-related costs,
purchase accounting step-up and the related tax adjustments. The
company has not reconciled non-GAAP gross margin guidance to GAAP
gross margin or non-GAAP operating margin guidance to GAAP
operating margin because the company does not provide guidance on
GAAP gross margin or GAAP operating margin and would not be able to
present the various reconciling cash and non-cash items between the
GAAP financial measures and the non-GAAP financial measures,
including share-based compensation expense, without unreasonable
effort. Share-based compensation expense is impacted by the
company's future hiring and retention needs and, to a lesser
extent, the future fair market value of the company's common stock,
all of which is difficult to predict and subject to constant
change. The actual amounts of such reconciling items will have a
significant impact on the company's GAAP gross margin and operating
margin.
RISKS AND UNCERTAINTIES
This press release contains forward-looking statements, as
defined under the Federal securities laws. These forward-looking
statements include the statements in this press release that relate
to the company's outlook for its guided ranges for the financial
results of the fourth fiscal quarter ended September 29, 2018. These forward-looking
statements are not guarantees of future results and are subject to
risks, uncertainties and assumptions that could cause our actual
results to differ materially and adversely from those expressed in
any forward-looking statement. Factors that could cause actual
results to differ materially include the review of the fourth
quarter results and quarter-end accounting procedures. In addition,
the company and its business, including the aforementioned
forward-looking statements, are subject to risks and uncertainties,
including, but not limited to, risks associated with growth in
demand for our products, customer acceptance and adoption of our
products, the worldwide demand for flat panel displays and adoption
of OLED for mobile displays, the pricing and availability of OLED
displays, the demand for and use of our products in commercial
applications, our ability to generate sufficient cash to fund
capital spending or debt repayment, our successful implementation
of our customer design wins, our and our customers' exposure to
risks associated with worldwide economic conditions, our customers'
ability to cancel long-term purchase orders, the ability of our
customers to forecast their own end markets, our ability to
accurately forecast future periods, continued timely availability
of products and materials from our suppliers, our ability to timely
ship our products and our customers' ability to accept such
shipments, our ability to have our customers qualify our product
offerings, worldwide government economic policies, our ability to
integrate the business of Rofin and other acquisitions
successfully, manage our expanded operations and achieve
anticipated synergies, and other risks identified in the company's
SEC filings. Readers are encouraged to refer to the risk
disclosures and critical accounting policies described in the
company's reports on Forms 10-K, 10-Q and 8-K, including the risks
identified in today's financial press release, as applicable and as
filed from time-to-time by the company.
Founded in 1966, Coherent, Inc. is one of the world's leading
providers of lasers, laser-based technologies and laser-based
system solutions for scientific, commercial and industrial
customers. Our common stock is listed on the Nasdaq Global Select
Market and is part of the Russell 1000 and Standard & Poor's
MidCap 400 Index. For more information about Coherent, visit the
company's website at http://www.coherent.com for product and
financial updates.
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SOURCE Coherent, Inc.