Coherent exceeds $2bn in annual orders; sales to OLED producers strong
Laser manufacturer Coherent has exceeded $2.0 billion in annual orders, with net sales of $1.72 billion and a net income of $207.1 million for the fiscal year ending 30 September 2017, a 101 per cent and 137 per cent increase respectively compared to the previous year.
The dramatic increases reflect Coherent’s $942 million acquisition of industrial laser manufacturer Rofin-Sinar Technologies in November last year, in addition to strong performance in the microelectronics sector due to the continuing growth of OLED technology.
The figures were announced after the closing of the Coherent’s fourth quarter, for which it posted net sales of $490.3 million and a net income of $73.8 million, increases of 97 per cent and 140 per cent year-over-year, and 5.6 per cent and 20.7 per cent compared to its third quarter results.
The largest portion of sales were of laser technologies for microelectronics fabrication, thanks to sustained strength in OLED deployment and service, high semiconductor capital expenditure spending and a modest rebound in advanced packaging. Materials processing orders were also impressive, having grown dramatically due to both organic growth and Coherent’s acquisition of Rofin.
Significant sales for OEM instrumentation were recorded as well, as growth in the core diagnostic and therapeutic space was complemented by organic and acquisitive growth in the aerospace and defence market.
‘Coherent capped a record-setting year with a record-setting fourth fiscal quarter,’ commented John Ambroseo, president and CEO of Coherent. ‘Customer demand over the course of fiscal 2017 was outstanding and resulted in record annual orders of over $2.0 billion.
‘These record results drove strong cash flow and as a result, we made a voluntary 75 million Euro prepayment in September on our debt.’
As Coherent enters fiscal 2018 its backlog is at an all-time high, according to Ambroseo, with synergies flowing in from the integration of Rofin and very strong cash generation also putting the company in a strong position for next year.
‘The outlook remains positive across the company’s four verticals and sets us up for another strong year from operations,’ Ambroseo concluded.