The company said revenue for the 3 months ended March 31, 2024 decreased 3% to $1,209 million ($1,240 million in the same period last year), and revenue for the 9 months decreased 14% to $3,393 million ($3,955 million a year earlier).

10-QQuarterly reportFiled May 7, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said revenue for the 3 months ended March 31, 2024 decreased 3% to $1,209 million ($1,240 million in the same period last year), and revenue for the 9 months decreased 14% to $3,393 million ($3,955 million a year earlier).
Coherent said electronics market revenue in the 3 months fell $65 million (47%) and instrumentation market revenue fell $26 million (21%), while communications market revenue rose $77 million (14%) on higher shipments of AI-related datacom transceivers.
The company said gross margin for the 3 months was $366 million, or 30% of revenue, down from $420 million (34%) a year earlier, a decline of 360 basis points. It cited lower revenue, lower yields in datacom, underutilized operating capacity, and shut down costs related to site consolidations as factors.
The company said Denso and MELCO invested a total of $1 billion in Silicon Carbide LLC on December 4, 2023, reducing its ownership interest to about 75%, and that the funds will be used to fund future capital expansion of the business.

Key figures

Quarter ended March 31, 2024

Revenue: $1.2B
Operating income: $22M
Net income: −$13M
EPS: −$0.29

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Quarterly revenue down 3%; 9-month revenue down 14%

The company said revenue for the 3 months ended March 31, 2024 decreased 3% to $1,209 million ($1,240 million in the same period last year), and revenue for the 9 months decreased 14% to $3,393 million ($3,955 million a year earlier).

Source · Based on the MD&A text of the filing

Communications market revenue up $77 million

Coherent said electronics market revenue in the 3 months fell $65 million (47%) and instrumentation market revenue fell $26 million (21%), while communications market revenue rose $77 million (14%) on higher shipments of AI-related datacom transceivers.

Source · Based on the MD&A text of the filing

Quarterly gross margin 30%, down 360 basis points

The company said gross margin for the 3 months was $366 million, or 30% of revenue, down from $420 million (34%) a year earlier, a decline of 360 basis points. It cited lower revenue, lower yields in datacom, underutilized operating capacity, and shut down costs related to site consolidations as factors.

Source · Based on the MD&A text of the filing

Silicon Carbide LLC draws $1 billion investment

The company said Denso and MELCO invested a total of $1 billion in Silicon Carbide LLC on December 4, 2023, reducing its ownership interest to about 75%, and that the funds will be used to fund future capital expansion of the business.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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