PITTSBURGH - Coherent Corp. (NYSE: NYSE:COHR), a prominent player in precision optics, has reached a pivotal point in its involvement with the Thirty Meter Telescope (TMT) project by completing its 100th polished mirror segment. This achievement underscores the company's integral role and technical proficiency in contributing to what is slated to be one of the world's most advanced astronomical observatories.
The TMT, upon completion, will boast a primary mirror composed of 492 hexagonal segments, each meticulously polished using Coherent's advanced stress mirror polishing (SMP) technique. This method is celebrated for its ability to produce off-axis aspheric roundels with minimal residual error, a critical factor for the high-performance standards required by the TMT.
Coherent's SMP process has been recognized for its speed and precision, with the company delivering one polished segment per week. The recent installation of an ultrasonic CNC machine for two-meter-sized optics marks the next phase in the project, facilitating the machining of roundels into their final hexagonal shape.
Brandon Turk, Vice President & General Manager of Coherent's Optical Systems Division, expressed pride in the company's track record with ultraprecision optics and its significant contribution to the TMT, akin to its role in the James Webb Space Telescope.
Dr. Robert P. Kirshner, Executive Director of TMT International Observatory, lauded Coherent's expertise, noting the importance of both the technology and the skilled workforce behind the project. Kirshner's endorsement highlights Coherent's reputation as a leader in the field, a status the company aims to maintain as it continues to support the TMT and other applications within its portfolio.
Coherent's latest milestone is not only a testament to its prowess in high-volume manufacturing of precision optics but also signals a step closer to the TMT's eventual completion. As the company progresses with the TMT project, it remains committed to innovation and leadership in the optics industry.
This report is based on a press release statement from Coherent Corp.
In other recent news, Coherent Corp reported a robust third-quarter performance for fiscal year 2024, with a 7% sequential increase in revenue and a nearly 50% increase in non-GAAP EPS. The company also raised its full-year revenue and EPS forecasts. JPMorgan (NYSE:JPM) has maintained its Overweight rating for Coherent following the appointment of Jim Anderson as the new CEO, expressing optimism about the company's future under his leadership.
In terms of product developments, Coherent has unveiled a new laser power sensor, the PM10K+, which accelerates power output measurements by up to 500%. The company also introduced a novel optical fiber for high-power lasers, marking a first in the market for such technology.
These recent developments indicate a strong focus on innovation and growth at Coherent, complemented by strategic leadership and promising financial performance. The company's new products aim to meet the demands of high-power applications and enhance the power scalability of existing single-frequency amplifier systems. These advancements, along with the positive financial outlook, suggest a promising trajectory for Coherent.
InvestingPro Insights
As Coherent Corp. (NYSE: COHR) celebrates a significant milestone in the Thirty Meter Telescope project, its financial metrics and market performance provide additional context for investors. According to InvestingPro data, Coherent currently holds a market capitalization of $10.7 billion, which reflects investor confidence in the company's market position and future prospects.
The company's P/E ratio stands at a substantial 56.98, indicating that investors may expect future earnings growth, despite a negative adjusted P/E ratio of -64.39 for the last twelve months as of Q3 2024. This suggests that the company's earnings have not kept pace with the stock price, a factor that might be attributed to the anticipation of future profitability, as analysts predict the company will be profitable this year, according to an InvestingPro Tip.
Furthermore, Coherent has demonstrated a strong return over the last three months, with a 32.7% price total return, and an impressive year-to-date price total return of 61.2% as of 2024. This robust performance is indicative of the company's resilience and the positive reception of its technological contributions to projects like the TMT. Additionally, Coherent's liquid assets exceed their short-term obligations, providing the company with a solid financial footing to pursue its operational goals.
Investors looking for a deeper dive into Coherent's financial health and stock performance can explore additional InvestingPro Tips. There are 10 more tips available on InvestingPro's platform, which can be accessed at https://www.investing.com/pro/COHR. For those interested in a subscription, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, offering valuable insights to make informed investment decisions.
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