Shares of global manufacturing company Coherent Corp. (NYSE:COHR) are nosediving today after it announced lower-than-expected third-quarter numbers.
Revenue rose 49.8% year-over-year to $1.24 billion but lagged estimates by $90 million. EPS at $0.58 too fell short of expectations by a whopping $0.24. The company is witnessing a deceleration in its top line after client requests for delayed shipments. While weakness is being witnessed in its Networking segment, the Materials segment and legacy Coherent business continue to track higher
Coherent is now focusing on controlling costs and is undertaking restructuring actions to drive scale and efficiency. Looking ahead, for the fourth quarter, revenue is expected to land between $1,125 million and $1,175 million. EPS for the period is anticipated between $0.33 and $0.43.
Overall, the Street has a $50.57 consensus price target on Coherent pointing to a 58.5% potential upside in the stock.
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