Short answer
Coherent Corp (COHR) filed its fiscal 2019 10-K annual report with the SEC on Aug 16, 2019. It reported revenue of $1.4B (+17.6% year over year) and net income of $108M.
- Top risk flagged: Export controls under EAR and ITAR, administered by Commerce and State, could restrict shipments or trigger penalties
FY2019 key financial metrics · XBRL
- Revenue
- $1.4B
- +17.6% YoY
- Net income
- $108M
- +22.2% YoY
- Operating margin
- 10.9%
- −0.8 pp YoY
- EPS (diluted)
- $1.63
- +20.7% YoY
- ROE
- 9.5%
- +0.9 pp YoY
- Operating cash flow
- $178M
- +10.8% YoY
Source: XBRL data from the Coherent Corp (COHR) FY2019 10-K on SEC EDGAR. USD.
Coherent Corp FY2019 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Engineered materials and optoelectronic components for communications, materials processing, aerospace and defense, consumer electronics, and automotive markets
- Pending $6.4 billion Finisar acquisition, positioning II-VI for expanded optical communications scale and broader compound-semiconductor capabilities
- Organizational realignment effective July 1, 2019, consolidating three segments into Compound Semiconductors and Photonic Solutions
- Bookings $1.4 billion and backlog $500 million, up from $1.2 billion and $450 million respectively
- 12,487 employees, including 1,707 RD&E personnel; internally funded R&D reached $139.2 million, up from $116.9 million
Management Discussion & Analysis
- Revenue $1,362.4M, up 18% YoY from $1,158.8M, driven by optical communications demand
- Gross margin 38.3% vs 39.9%, down 160 basis points; net earnings $107.5M vs $88.0M
- Best segment, II-VI Photonics: revenue $638.8M, up 31%; worst, II-VI Laser Solutions: $396.6M, down 2%
- Operating cash flow $178.5M; capex $137.1M; acquisitions $83.1M; treasury-stock purchases $1.6M
- Outlook: cash flow, reserves and borrowing capacity expected to fund needs through fiscal 2020; Finisar merger approval in China remained a key risk
Risk Factors
- Export controls under EAR and ITAR, administered by Commerce and State, could restrict shipments or trigger penalties
- International sales 70% of fiscal 2019 revenue, exposing operations to U.S.-China tariffs and Huawei Entity List restrictions
- ZnSe production depends on complex yields and internally produced hydrogen selenide, creating specialized manufacturing vulnerabilities
- Competitors with faster new technologies could render semiconductor laser, 3D sensing, or 5G products obsolete
- Pending Finisar acquisition could require significant debt and cash, limiting liquidity for convertible-note repurchases or conversions
Generated from the filing text; verify against the original. How to read a 10-K
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