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II-VI Incorporated (IIVI)

- NASDAQ
  • Thu, Apr. 30, 4:00 PM
    • Though industrial laser maker Coherent (COHR -5.7%) beat FQ2 estimates, it guided on its CC (transcript) for FQ3 revenue of $190M-$210M, mostly below a $209.6M consensus. The company also guided for FY15 (ends Sep. '15) revenue of $820M-$830M, below an $840.9M consensus.
    • Peers IPG Photonics (IPGP -4.1%), Newport (NEWP -5.2%), and Rofin-Sinar (RSTI -2.8%) have joined Coherent in underperforming amid a 1.8% drop for the Nasdaq. Laser component makers II-VI (IIVI -6.2%) and GSI Group (GSIG -4.8%) have also sold off.
    • Coherent partly blamed its guidance on a strong dollar. However, the company also noted "capex investments have been muted despite continued growth in bit and device output due, in part to yield and process enhancements" - capex budget cuts from chip giants Intel and TSMC were highlighted - and that a $10M deal for a consumer electronics packaging laser project fell through when the customer "decided to stick with their current process and reuse existing equipment."
    • FQ2 book-to-bill was still a solid 1.08, and Coheren't backlog of orders expected to ship within 12 months was up 4% Y/Y to $315.3M. Materials processing and instrumentation/OEM component orders were strong, while microelectronics (chip) industry orders were soft.
    • IPG is down 6% since posting mixed Q1 results and solid Q2 guidance on Tuesday morning. II-VII is down 5% since providing an FQ3 beat at the same time.
    | 1 Comment
  • Thu, Feb. 5, 1:22 PM
    • Sidoti has downgraded II-VI (IIVI -3%) to Neutral just three weeks after launching coverage at Buy.
    • The downgrade comes after the opto-electronic component maker's shares surged last week in response to an FQ2 EPS beat and strong FQ3 guidance.
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  • Oct. 9, 2014, 2:17 PM
    • Citing a low valuation, D.A. Davidson has upgraded II-VI (NASDAQ:IIVI) to Buy. Its target remains at $16.
    • The upgrade comes ahead of the opto-electronic component maker's Oct. 28 FQ1 report, and a day after shares made a fresh 52-week low of $10.78. They remain down 33% YTD.
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  • Oct. 10, 2013, 5:26 PM
    • II-VI (IIVI) has decided to exercise a 30-day option to acquire Oclaro's (OCLR) amplifier/micro-optics unit for $88.6M in cash. The option was granted in tandem with II-VI's $115M purchase of Oclaro's gallium arsenide laser diode business, which sent the latter's shares flying higher.
    • The amplifier/micro-optics business had revenue of $94M in Oclaro's FY13 (ended June '13). Thanks to the sale, 145 more Oclaro employees will be joining II-VI.
    • II-VI expects the unit to generate FY14 (ends June '14) revenue of $60M-$65M. It's expected to be neutral to earnings (exc. one-time expenses) in FY14, and accretive in FY15. The purchase will be financed using cash on hand and a credit facility.
    • Separately, Oclaro announces CFO Jerry Turin, who has held the position for five years, is resigning, effective Nov. 8. Oclaro expects to name a successor on or before that date.
    • OCLR +8.1% AH
    | 1 Comment
  • Sep. 12, 2013, 9:45 AM
    • In addition to acquiring Oclaro's (OCLR +40.6%) gallium arsenide laser diode ops, II-VI (IIVI -3.6%) has paid $5M to obtain an exclusive 30-day option to buy Oclaro's optical amplifier/micro-optics unit for $88M in cash. The option purchase helps pay for the acquisition is exercised. (PR)
    • II-VI is paying $100M in cash for the laser diode business, and letting Oclaro hold onto $15M in receivables.
    • With Oclaro only having a market cap of $98.4M as of yesterday's close, and with the company having been bleeding cash and struggling to integrate recent acquisition Opnext, investors are quite enthusiastic about the deal.
    • Oclaro asserts selling the laser diode business (focused on industrial/consumer applications) will allow it to lower its cost structure and focus on the optical component market. The company plans to continue manufacturing some laser diodes in China, and supply them to II-VI.
    • Oclaro plans to use the proceeds to repay its bridge financing. It had $100M in debt on its balance sheet as of March 30, and $76.5M in cash/equivalents.
    • The company will finally release its FQ4 (June quarter) results on Sep. 16. The II-VI deal will be discussed during the earnings CC (5PM ET).
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  • Apr. 23, 2013, 12:56 PM
    Midday top 10 gainers: SCON +118%. MEMS +49%. CZR +29%. NFLX +24%. ARL +18%. CPLA +18%. VECO +17%. HSTM +17%. SANM +16%. ILMN +15%.
    Midday top 10 losers: CPRX -15%. IIVI -13%. UNTK -13%. ABIO -13%. CASM -10%. EFUT -9%. GASS -9%. TAX -8%. SIFY -7%. USTR -7%.
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  • Jan. 22, 2013, 12:45 PM
    Midday top 10 gainers: PBIB +32%. DQ +18%. TECUA +18%. ONP +17%. USEG +17%. RDCM +17%. CIMT +14%. BOX +14%. MTRX +12%. PRCP +12%.
    Midday top 10 Losers: CALI -12%. OIBR -12%. BVX -10%. DOM -9%. ARNA -8%. IIVI -8%. AMRI -8%. UPI -8%. IPXL -8%. EXFO -7%.
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  • Jan. 22, 2013, 11:06 AM
    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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  • Jun. 14, 2012, 7:24 PM
    II-VI (IIVI) -7.6% AH after warning it expects FQ4 (ends June 30) revenue of $135M-$137M and EPS of $0.23-$0.25, below a consensus of $141.1M and $0.29. It's also guiding for FY13 revenue of $582M-$588M and EPS of $1.14-$1.21, below a consensus of $593M and $1.34. The provider of exotic high-tech materials and high-precision components says it's been hurt by soft demand and pricing for tellurium, and a slowdown for its Marlow thermoelectric cooler business.
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  • Oct. 25, 2011, 8:55 AM
    II-VI (IIVI), a maker of precision components and compound materials, drops 7.7% premarket after reporting FQ1 revenue of $138.4M (+15% Y/Y) and EPS of $0.29, missing consensus by $2.5M and $0.03. The company is also guiding for FY12 revenue of $575M-$590M and EPS of $1.26-$1.33, below a consensus of $592.6M and $1.41.
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  • Aug. 2, 2011, 12:25 PM
    Precision components manufacturer II-VI (IIVI -11%) gets hit after its FQ4 fell short of estimates. Top-line revenues were hurt by weak demand in its near-infrared optics unit as inventory adjustments continue to negatively impact telecommunications markets.
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  • Jul. 5, 2011, 10:12 AM
    II-VI (IIVI +1.4%) acquires Aegis Lightwave for $52M in a deal designed to strengthen the firm's telecommunications offerings, and provides upward FY12 guidance on earnings and revenue. II-VI's consensus analyst price target is a whopping $62/share.
    | 1 Comment
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Company Description
II-VI Inc develops and manufactures engineered materials and opto-electronic components and products for precision use in industrial, optical communications, military, semiconductor and life science applications.