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(COHR) - Get Coherent, Inc. Report

posted first-quarter income of $2.7 million, or 9 cents a share, beating Wall Street's consensus estimate of 5 cents a share, according to Thomson Financial/First Call. In the year-ago period, the company earned 34 cents a share.

Sales for the quarter dropped to $96.62 million from $111.80 million a year ago.

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The laser and system manufacturer attributed the drop to cautious customer ordering, but said the company has begun to experience a stabilization of its order rate.

Shares of Coherent were trading down 95 cents, or 3%, to $29.73.