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II-VI Grows Revenue 19 Percent

 
Record fourth quarter and full year 2018 revenue surpasses $1.0 billion

Optoelectronics firm II-VI has reported results for its fiscal fourth quarter and its full year ended June 30, 2018, ending fiscal 2018 on a high note with 19 percent revenue growth for the year.


"We delivered record revenues for the quarter, a strong increase in cash flow from operations, and a solid backlog. We experienced momentum across our end markets as we started FY19," said Vincent D. Mattera, Jr, president and CEO.

Mattera added: “For FY18, revenues from the Industrial market grew 19 percent, military was up 15 percent, and communications increased 6 percent. Our growth markets of automotive, consumer and semiconductor capital equipment collectively more than doubled, contributing about half of the full year growth. Our strategic investments in technology and manufacturing scale, including those aimed at keeping our product portfolio differentiated, continued during the early adoption phase of several new emerging markets. The company delivered positive free cash flow for the year and repatriated $43M related to the new Tax Cut and Jobs Act.

"As we begin FY19, we look forward to the CoAdna team joining us in about a month when the transaction is expected to close, and combining their wavelength selective switches with our market-leading portfolio of optical communications products."

The company’s adjusted net earnings in Q4FY18 and full year 2018 excludes the following items: share-based compensation of $4.4 million and $19.7 million, amortisation expense of $3.6 million and $14.6 million, certain one-time transaction expense of $ - and $2.0 million, respectively, and the effects of the Tax Act and related actions of $(1.3) million and $8.0 million, respectively.

Outlook

The outlook for the first fiscal quarter ending September 30, 2018 is revenues of $305 million to $315 million and earnings per diluted share of $0.36 to $0.42, including $0.04 for one-time costs of CoAdna. On an adjusted basis, earnings per diluted share is estimated at $0.54 to $0.60 which includes adding back $0.04 for one-time costs for the acquisition of CoAdna, $0.06 of amortisation expense, and $0.08 for share-based compensation expense but excluding any refinements to the transition tax as the company monitors any further guidance on the implementation of the Tax Reform Act.

Comparable results for the quarter ended September 30, 2017 were revenues of $262 million and diluted earnings per share of $0.32. The $0.32 diluted earnings per share for the quarter ended September 30, 2017 included $0.02 of expenses relating to the acquisition of Integrated Photonics and one-time expenses.


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