Coherent, Inc. (NASDAQ: COHR) reported Q4 EPS of $3.22, $0.26 better than the analyst estimate of $2.96. Revenue for the quarter came in at $461.5 million versus the consensus estimate of $462.24 million.

"Our fourth fiscal quarter was affected by two significant events that evolved in the second half of the quarter: execution issues at one of our German sites and a demand slowdown in China. The combined top line impact was approximately $11 million and resulted in us missing the low-end of our prior revenue guidance. We have taken a number of steps to rectify these execution problems and believe they will be behind us by the end of the current quarter. The demand challenges in China are largely due to U.S. tariffs on Chinese manufactured goods. Chinese tariffs on U.S. goods are also affecting demand but to a lesser degree. This is mostly confined to the materials processing market. Given the foregoing we are updating our fiscal 2019 outlook. We expect year-on-year sales to decline between 8-12% with the second half of fiscal 2019 being stronger than the first half. Expense reductions of $10-15 million will partially offset the gross profit impact of lower sales," stated John Ambroseo, Coherent's President and CEO. "Though this past quarter had its challenges, 2018 was a record year for sales, gross profit and EPS for the Company. I want to take this opportunity to thank and congratulate my colleagues for all their efforts on behalf of our global customer base," he added.

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