II-VI, Inc. (IIVI) Tops Q3 EPS by 33c, Revenues Beat; Announces Record Bookings & Backlog

II-VI, Inc. (NASDAQ: IIVI) reported Q3 EPS of $0.47, $0.33 better than the analyst estimate of $0.14. Revenue for the quarter came in at $627 million versus the consensus estimate of $575.36 million.

• Record Bookings of $840 million and Record Backlog at $893 million
• Quarterly Revenue of $627.0 million
• Quarterly GAAP Operating Income of $69.0 million
• Quarterly Non-GAAP Operating Income of $86.5 million
• Quarterly GAAP EPS of $0.06
• Quarterly Non-GAAP EPS of $0.47

"In this second full quarter of II-VI operations with Finisar included, we successfully continued our integration activities amid the COVID-19 pandemic," said Dr. Vincent D. (Chuck) Mattera, Jr., Chief Executive Officer. "Our mandate and priorities during the pandemic have been clear with respect to our response to this crisis:

Ensure the safety of the II-VI workforce;
Ensure the hygiene and security of our worldwide facilities; and
Maintain full compliance with all government laws, orders and policies that apply to us."

"Our focus on these priorities mitigated the impact of COVID-19 and delivered a great quarter. Despite significant operating challenges, the extraordinary commitment of our employees allowed us to address the steep ramps requested by our customers, and to exceed the high end of our revenue and EPS guidance with record bookings at 22% above our forecast."

"Our global business continuity team supported our operations to deliver these results, and they are a testament to the professionalism and dedication of our global workforce of over 22,000 employees. Our substantial progress at integrating the Finisar acquisition after only two quarters is a result of our experience in assessing markets and acquiring complementary companies with great technology and potential."

Dr. Mattera continued, "Demand in the communications market accelerated considerably throughout the quarter. It was strong across all aspects of our telecom and datacom offerings driven by the acceleration of the build out of the 5G deployments and network infrastructure upgrades. This was most evident in our Transceiver business where bookings far exceeded our expectations during the quarter and customer enthusiasm remained high. We had a second consecutive quarter of record 3D sensing shipments from our Warren, NJ and Easton, PA, operations. We also successfully completed the qualification of our Sherman, TX facility as planned, and we have begun to ship production units as we continue our manufacturing ramp. We look forward to completing the year on a strong note."

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

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