II-VI (IIVI -9.3%) takes a hit this morning after its FQ2 revenue and reduced fiscal-year expectations disappointed across the board. Bookings rebounded to post a 9% increase Y/Y for the aerospace and electronic products maker, but revenue weakened late in the quarter, driven by a deteriorating defense budget outlook. The company also issued weak FY13 guidance, now expecting to earn between $0.91 - $0.99 per share on revenues of $560M - $570M. The Street view is for an EPS of $1.01 on revenues of $593.75M.
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