II-VI, Inc. (IIVI) Reports In-Line Q1 EPS, Revenues Beat; Offers 2Q EPS/Revenue Outlook Above Consensus

II-VI, Inc. (NASDAQ: IIVI) reported Q1 EPS of $0.56, in-line with the analyst estimate of $0.56. Revenue for the quarter came in at $314.4 million versus the consensus estimate of $310.36 million.

• Revenues Increased 20% Compared to Q1FY18
• GAAP EPS of $0.40 Increased 25%; Adjusted EPS of $0.56 Increased 12% Compared to Q1FY18
• Operating income increased 25% compared to Q1FY18, 23% on an adjusted basis

“We delivered a solid first quarter, and ended with a record order backlog. Compared to Q1FY18, the communications end market clearly remains strong for II-VI, growing 20% year over year, our military business grew 30%, our industrial end market revenue grew 10%, and demand for 3D sensing exceeded our expectations with shipments growing over 200%. Sales of SiC substrates grew more than 50%, and our increases in scale of SiC manufacturing positions us well to capture longer term opportunities as 5G and Electric Vehicles ramp,” said Dr. Vincent D. Mattera, Jr. “We recently issued a press release announcing our strategic collaboration with the market leader in GaN RF devices, Sumitomo Electric Device Innovations, Inc. to manufacture state-of-the-art GaN on SiC devices to enable next generation wireless networks as part of our investment in an optoelectronic materials and device platform. We continue to deepen our engagements with large and strategic customers across all end markets. We expect to deliver continued strong operating performance in fiscal Q2 2019, even as we continue to make strategic investments and scale our operations to meet accelerating customers’ demands.”

GUIDANCE:

II-VI, Inc. sees Q2 2019 EPS of $0.65-$0.69, versus the consensus of $0.59. II-VI, Inc. sees Q2 2019 revenue of $333-345 million, versus the consensus of $325.1 million.

For earnings history and earnings-related data on II-VI, Inc. (IIVI) click here.

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