SANTA CLARA, Calif. (AP) _ Coherent Inc. (COHR) on Wednesday reported fiscal first-quarter profit of $5.8 million.
On a per-share basis, the Santa Clara, California-based company said it had profit of 24 cents. Earnings, adjusted for one-time gains and costs, were 86 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.
The maker of lasers for commercial and scientific uses posted revenue of $320.8 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $312.8 million.
Coherent shares have fallen 10% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $149.54, a climb of 20% in the last 12 months.