II-VI Third Quarter Up 16 Percent
Company looks forward to another quarter of growth
The optoelectronics and laser company II-VI has reported results for its Q3 2019, ended March 31, 2019. Revenue was $342.4 million which is an increase of 16 percent compared to Q3 18.
"We delivered another solid quarter of performance with another record backlog. Growth was widespread in the quarter across both our core and growth markets. In our core markets, we saw the leading edge of the global deployment of 5G accelerate and drive strong demand for our products. We saw particular strength from ROADM demand, which grew well over 50 percent compared to Q3 of last year." said Vincent D. Mattera, Jr., president and CEO.
"For the military end market, we acquired Redstone Aerospace, an entrepreneurial firm with unique capabilities in defence-related applications as we continue our investment in the emerging high-energy laser market. The industrial end market was steady."
He added: "In our growth markets, the quarter˙s performance was also driven by very strong growth in EUV and SiC, both of which now have expanded capacity in place. In 3D sensing, we expect to see increases in shipments in the second half of this calendar year and we have achieved an important design win in an Android platform. Our global II-VI teams made great progress on the integration planning of the Finisar acquisition. We are looking forward to final regulatory approval from China, which we still believe will occur mid-year 2019."
The outlook for the fourth fiscal quarter ending June 30, 2019 is revenues of $343 million to $353 million and earnings per diluted share of $0.33 to $0.39 including $0.11 to $0.13 per share of transaction costs for our transactions and collaborations recently announced. On an adjusted basis, earnings per diluted share is estimated at $0.63 to $0.71, which includes $0.12 for share based compensation, $0.07 for amortisation expense, and $0.11 to $0.13 for transaction costs. This is all at prevailing exchange rates.
Comparable results for the quarter ended June 30, 2018 were revenues of $321.1 million and diluted earnings per share of $0.42. The $0.42 of diluted earnings per share included $0.07 for share based compensation, $0.06 for amortisation expense, and $(0.03) for tax related adjustments. On an adjusted basis, earnings per share was $0.52.