SAXONBURG, Pa., Aug. 13, 2025 (GLOBE NEWSWIRE) -- Coherent Corp. (NYSE: COHR) (“Coherent,” “We,” or the “Company”), a global leader in photonics, today announced that it has entered into a definitive agreement to sell its Aerospace and Defense business to Advent, a leading global private equity investor, for $400 million. Proceeds will be used to reduce debt, which will be immediately accretive to Coherent’s EPS. Coherent’s Aerospace and Defense designs and manufactures optical and laser systems for defense ...

Strategic Initiatives and Internalization - NSA sold a $540 million portfolio of 71 non-core assets to a private buyer[12] - NSA contributed 56 assets valued at $346.5 million into a new joint venture (2024 JV)[12] - A new joint venture (2023 JV) was formed with $400 million of committed equity capital for acquisitions, implying $1 billion of buying power with leverage up to 60%, and acquired 18 properties totaling approximately $148 million YTD[12] - Since launching the program in 2022, NSA repurchased 18.2 million common shares totaling $675 million, retiring 12% of total common shares and OP units outstanding[12] - NSA internalized its PRO structure, effective as of July 1, 2024, acquiring management agreements, intellectual property, and tenant insurance program rights for $94.9 million, consisting of 1,548,866 OP units and $32.6 million in cash[13] Financial Performance and Portfolio - NSA's total enterprise value is $10.3 billion[55] - Q3 2024 same store NOI growth was -5.3% year-over-year[55] - Q3 2024 core FFO/share growth was -7.5% year-over-year[55] - NSA's dividend rate has grown 73% over the past five years (Q4 2024 vs Q4 2019)[72] Market Position and Growth Strategy - NSA defines the Sunbelt as the following states: AL, AR, AZ, CA, FL, GA, LA, MS, NC, NM, NV, OK, SC, TN and TX, and 66% of NSA's stores are in the Sunbelt[59, 60]

Core Insights - Dover Corporation (DOV) is benefiting from strong order bookings, cost-reduction initiatives, and effective margin target execution [1][10] - The company is focusing on capacity expansions in high-growth sectors and productivity improvements across its portfolio [1][5] Order Book and Revenue Growth - DOV has maintained healthy booking levels, with positive organic booking growth for the last six quarters, and expects this trend to continue [3][4] - The company anticipates year-over-year revenue growth of 2-4% for 2025, supported by solid new order intake [4] Strategic Actions and Acquisitions - Dover is implementing restructuring programs to align costs and operations with market conditions, including facility consolidations and headcount reductions [6] - Recent acquisitions include the purchase of Carter Day International's petrochemical division and SIKORA AG for €550 million ($624 million), enhancing its product offerings [7][8] Financial Position - Dover is reducing debt levels and strengthening its balance sheet, with an accelerated share repurchase program to return excess capital to shareholders [10] - The company expects adjusted EPS between $9.20 and $9.40 for 2025, indicating a slight dip from 2024 levels [12] Near-Term Challenges - The aerospace and defense sector has seen lower volumes, which may impact DOV's top line in 2025 [2][12] - Input cost inflation and increased selling, general, and administrative costs are expected to persist, affecting margins [13] Stock Performance - Dover's shares have gained 1% over the past year, contrasting with a 4.8% decline in the industry [14]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported a net loss of $3.5 million or $0.11 per share, compared to a net loss of $2.3 million or $0.07 per share a year ago [19] - On a non-GAAP adjusted basis, net income attributable to the company was $4.3 million or $0.14 per share, down from $11.3 million or $0.37 per share last year, primarily due to lower adjusted EBITDA and higher interest expenses [19] - Consolidated sales for Q1 2025 were $401.8 million, down from $450 million a year ago, reflecting lower sales in the Industrial Technology segment and Memorialization segment [20] Business Line Data and Key Metrics Changes - Memorialization segment sales decreased to $190.5 million from $208.1 million, primarily due to lower Granite Memorial sales and casket unit volumes [22] - Industrial Technology segment sales fell to $80.5 million from $111.4 million, significantly impacted by lower engineering sales and the slowdown in the Tesla project [25] - SGK Brand Solutions segment reported sales of $130.8 million, slightly up from $130.5 million, driven by improved pricing and higher sales in private label and European cylinder businesses [27] Market Data and Key Metrics Changes - The U.S. casketed deaths declined, impacting sales in the Memorialization segment [20] - The company noted that the European cremation and incineration equipment operations were unprofitable and contributed to the decline in Memorialization sales [24] Company Strategy and Development Direction - The company plans to focus on higher growth and higher margin businesses following the sale of STK Brand Solutions, which is expected to create significant synergies and simplify the operating structure [9][10] - The recent arbitration ruling against Tesla allows the company to resume marketing its dry battery electrode technology, which is expected to unlock significant value [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the energy business and the potential for growth in the warehouse automation and product identification sectors [15] - The company is maintaining its guidance for adjusted EBITDA in the range of $200 million to $215 million, contingent on the timing of the SGK transaction [18] Other Important Information - The company expects to achieve annual consolidated savings of up to $50 million from ongoing cost reduction programs [33] - A quarterly dividend of $0.25 per share was declared, payable on February 24, 2025 [33] Q&A Session Summary Question: How quickly can momentum in DVE technology be reestablished post-lawsuit? - Management indicated that while there has been a slowdown due to the lawsuit, they expect to ramp up sales as they reinitiate marketing efforts and expand their customer base [37][39] Question: What was the impact of exiting the European cremation business on Memorialization? - The exit from the unprofitable European cremation business significantly contributed to the revenue decline in the Memorialization segment [48][52] Question: What are the next steps following the arbitration ruling against Tesla? - Management stated they have a definitive ruling in their favor and will continue to defend their rights to market and sell their proprietary technology [56][58] Question: What is the expected timeline for achieving cost savings from restructuring? - The company expects to reach a run rate of $25 million to $30 million in cost savings by the end of the fiscal year, with the remainder achieved in the following fiscal year [60] Question: How will the proceeds from the SGK transaction be used? - The company plans to apply a substantial portion of the proceeds to repay revolver debt, aiming to improve their leverage ratio [91][92]