- II-VI (NASDAQ:IIVI) has surged above $19 after beating FQ2 estimates and reporting bookings rose 11% Q/Q and 12% Y/Y to $207.7M (yielding a book-to-bill of 1.08). FQ3 guidance is for revenue of $185M-$195M and EPS of $0.25-$0.29 (midpoints of $190M and $0.27) vs. a consensus of $194M and $0.26.
- CEO Francis J. Kramer: "Despite sluggishness in China and in our industrial markets, we are very encouraged about the prospects ahead for all of our business segments." Fueling the FQ2 bookings growth: II-VI's Photonics segment bookings rose 48% Y/Y to $97.5M. Laser Solutions bookings fell 2% to $66.4M; Performance Products bookings fell 18% to $43.8M.
-
Financials: Gross margin was 37.3%, -30 bps Q/Q and +160 bps Y/Y. Op. margin was 11.3% vs. 11.5% in FQ1 and 9.3% a year ago. U.S. sales +8% to $74.2M; international sales +9% to $117.3M. $400K was spent to buy back 25.2K shares. II-VI ended FQ2 with $177M in cash and $146M in debt.
-
II-VI's FQ2 results, earnings release
-
Yesterday: Anadigics sees new buyout offer yielding proposal superior to II-VI's