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.
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.