II-VI, Inc. (IIVI) Tops Q3 EPS by 3c

II-VI, Inc. (NASDAQ: IIVI) reported Q3 EPS of $0.91, $0.03 better than the analyst estimate of $0.88. Revenue for the quarter came in at $783.2 million versus the consensus estimate of $772.27 million.

“We delivered a strong quarter with revenue of $783 million, 25% growth over the same period in fiscal year 2020, with a book to bill ratio of 1.08 and record backlog of $1.13 billion. Our supply chain and global manufacturing operations teams kept pace with demand to deliver above the top end of our guidance, and we are optimistic about the future,” said Dr. Vincent D. Mattera, Jr.

Dr. Mattera continued, “In fact yesterday, Apple announced its $410 million award to II-VI from its Advanced Manufacturing Fund. This multi-year agreement is for future business and we are honored to be Apple’s trusted partner.”

“In addition, on March 25, we announced the agreement to acquire Coherent, a company we have known and respected for nearly fifty years. Our combination with Coherent will create a more diversified company that unites II-VI’s strengths in optical communications, engineered materials and semiconductor lasers with Coherent’s expertise in industrial laser solutions. Our complementary technologies will enable enhanced penetration of key growth markets, including electric vehicle manufacturing, aerospace and defense, life sciences, and laser-additive manufacturing. The combination will expand our access, and diversify our exposure, to global markets and provide us with new opportunities to expand our service and sales network around the world.”

GUIDANCE:

II-VI, Inc. sees Q4 2021 EPS of $0.63-$0.83, versus the consensus of $0.91. II-VI, Inc. sees Q4 2021 revenue of $752-802 million, versus the consensus of $798.8 million.

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

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