Coherent Inc. Announces Unaudited Financial Results for the Second Quarter and Six Months Ended April 2, 2016; Provides Earnings Guidance for the Third Quarter of 2016 Expects Capital Expenditure and Tax Rate Guidance for the Year 2016 and Revenue Guidance for the Full Year of 2017
For the six months, the company reported net sales of $390,157,000 against $404,336,000 a year ago. Income from operations was $53,287,000 against $46,441,000 a year ago. Income before income taxes was $51,285,000 against $47,746,000 a year ago. Net income was $38,067,000 or $1.57 per diluted share against $35,843,000 or $1.43 per diluted share a year ago. Non-gaap net income was $49,250,000 or $2.03 per diluted share against $45,311,000 or $1.8194 per diluted share a year ago.
The company expect third quarter fiscal 2016 revenue to be in the range of $205 million to $215 million. Non-GAAP operating margin for the third quarter is expected to be in the range of 15% to 18%. The company expects the third quarter non-GAAP gross margin to be in the range of 42.5% to 44.5%, a temporary decrease from this quarter's results, mainly due to manufacturing efficiencies related to the ramp up of flat panel displays. Non-GAAP gross margin excludes intangibles amortization of $1.3 million.
The outlook for semi capex spending is flat to slightly up in 2016. The company expects non-GAAP tax rate to be in the range of 27% to 28% for the fiscal year.
The company expects 2017 revenue to be in the range of $950 million to $1 billion, excluding the Rofin transaction.