UPDATE 1-Coherent Q1 beats; sees strong 2011 revenue
* Q1 adj EPS $0.85 vs est. $0.69
* Q1 rev up 49 pct
* Sees 2011 rev $760-$780 mln
* Shares rise 13 pct after market
Jan 28 (Reuters) - Laser manufacturer Coherent Inc (COHR.O) reported better-than-expected quarterly results, helped by higher flat panel display sales, and forecast 2011 revenue above analysts' expectations on strong bookings.
For the first quarter, the company reported earnings of $19.1 million, or 76 cents per share, compared with $4.2 million, or 17 cents per share a year ago.
Excluding items, it earned 85 cents per share.
Net sales rose 49 percent to $183.1 million.
Analysts on average were expecting earnings of 69 cents per share on revenue of $176.8 million, according to Thomson Reuters I/B/E/S.
For 2011, the company forecast revenue of $760 million to $780 million.
Analysts were expecting revenue of $716 million.
Bookings received during the three months ended Jan. 1, 2011 of $234.4 million rose 48 percent from $158.4 million in the same prior year period, the company said.
Shares of the California-based company were up 13 percent at $53.50 in trading after the bell after closing at $47.43 on Thursday on Nasdaq. (Reporting by Bijoy Koyitty in Bangalore; Editing by Joyjeet Das)
- Sunken Korea ferry relatives give DNA swabs to help identify dead |
- Vice-principal of South Korea school in ferry disaster commits suicide |
- Special Report: How the U.S. made its Putin problem worse
- Search resumes after Everest's worst climbing tragedy
- All 338 Korean students, teachers rescued from sinking ferry - school official