Coherent (COHR) FY2024 results: revenue $4.7 billion, down 8.8% on the year

Coherent Corp. (COHR) reported revenue of $4.7 billion for fiscal 2024, the year ended 30 June 2024, down 8.8% on the year before. Net income was -$156 million, and diluted earnings per share $-1.84. The figures are the company's own, from the 10-K it filed with the SEC on 16 August 2024.

Revenue

$4.7 billion

-8.8% on the year

FY2017FY2024

Operating margin

2.0%

-0.7% a year earlier

FY2017FY2024

Net income

-$156 million

FY2017FY2024

Diluted EPS

-$1.84

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	4,708	5,160	3,317	-8.8%
Cost of revenue	3,252	3,542	2,051	-8.2%
Gross profit	1,456	1,618	1,265	-10.0%
Gross margin	30.9%	31.4%	38.2%
Research and development	479	500	377	-4.2%
Selling, general and administrative	854	1,037	474	-17.6%
Operating income	96.1	-37.1	414
Operating margin	2.0%	-0.7%	12.5%
Interest expense	n/a	287	121
Pre-tax income	-148	-356	282
Income tax	11.1	-96.1	47.0
Effective tax rate	n/a	n/a	16.7%
Net income	-156	-259	235
Net margin	-3.3%	-5.0%	7.1%
Diluted EPS	-$1.84	-$2.93	$1.45

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	546	634	413	-13.9%
Capital expenditure	347	436	314	-20.5%
Free cash flow	199	198	99.0	+0.5%
Free cash flow margin	4.2%	3.8%	3.0%
Cash from investing	-351	-5,929	-320
Cash from financing	758	3,554	863	-78.7%
Depreciation and amortisation	560	682	287	-17.9%
Share-based compensation	126	149	73.2	-15.3%
Buybacks	n/a	n/a	0.0
Dividends paid	0.0	27.6	34.5
Diluted shares, weighted	152m	138m	117m	+10.2%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	5,210	4,988	3,616	+4.5%
Non-controlling interest	371	0.0	n/a
Redeemable equity	2,365	2,241	767	+5.5%
Debt	4,100	4,310	2,300	-4.9%
Operating lease liabilities	162	141	110	+15.4%
Other liabilities	2,280	2,032	1,051	+12.2%
Total liabilities and equity	14,489	13,711	7,845	+5.7%
Goodwill	4,464	4,513	1,286	-1.1%
Intangible assets	3,503	3,815	635	-8.2%
Cash and equivalents	926	821	2,582	+12.8%
Receivables	849	902	700	-5.9%
Inventory	1,286	1,272	903	+1.1%
Other assets	3,460	2,389	1,738	+44.9%
Total assets	14,489	13,711	7,845	+5.7%

10-K for the year ended 30 June 2024, filed 16 August 2024: the filing.