II-VI, Inc. (IIVI) Misses Q3 EPS by 3c, Revenues Beat; Offers Q2 EPS Mid-Point Guidance Below Consensus, Q2 Revenue Views Below Consensus

II-VI, Inc. (NASDAQ: IIVI) reported Q3 EPS of $0.62, $0.03 worse than the analyst estimate of $0.65. Revenue for the quarter came in at $342.5 million versus the consensus estimate of $339.93 million.

• Revenues increased 16% compared to Q3FY18
• GAAP EPS of $0.38, and non-GAAP EPS of $0.62, in line with guidance
• Record backlog continues to signal growth across multiple markets

“We delivered another solid quarter of performance with another record backlog. Growth was widespread in the quarter across both our core and growth markets. In our core markets, we saw the leading edge of the global deployment of 5G accelerate and drive strong demand for our products. We saw particular strength from ROADM demand, which grew well over 50% compared to Q3 of last year,” said Dr. Vincent D. (Chuck) Mattera, Jr., President and Chief Executive Officer. “For the military end market, we acquired Redstone Aerospace, an entrepreneurial firm with unique capabilities in defense-related applications as we continue our investment in the emerging high-energy laser market. The industrial end market was steady.”

“In our growth markets, the quarter’s performance was also driven by very strong growth in EUV and SiC, both of which now have expanded capacity in place. In 3D sensing, we expect to see increases in shipments in the second half of this calendar year and we have achieved an important design win in an Android platform. Our global II-VI teams made great progress on the integration planning of the Finisar acquisition. We are looking forward to final regulatory approval from China, which we still believe will occur mid-year 2019.”

GUIDANCE:

II-VI, Inc. sees Q4 2019 EPS of $0.63-$0.71, versus the consensus of $0.70. II-VI, Inc. sees Q4 2019 revenue of $343-353 million, versus the consensus of $356.9 million.

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

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