FONT-SIZE Plus   Neg

II-VI Q3 Profit Declines - Quick Facts

II-VI Inc. (IIVI) posted third-quarter net earnings attributed to the company of $13.99 million or $0.22 per share compared to $23.12 million or $0.36 per share last year.

Revenues for the quarter rose 2% to $132.59 million from $130 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share on revenues of $134.28 million for the quarter. Analysts' estimates typically exclude special items.

Francis Kramer, president and chief executive officer, commented, "We achieved record bookings in our third fiscal quarter, the result of strengthening product demand across the majority of the markets we serve. Product orders in the Infrared Optics segment and at Photop Technologies, Inc. (Photop) were robust -- up 13% and 17%, respectively, from the year-ago quarter and up 35% and 60%, respectively, from the quarter ended December 31, 2011. As a result, our backlog increased $13 million during the quarter and now totals $174 million. Consequently, we have better visibility in the near-term outlook."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Apple confirmed that it has bought face animation software firm Faceshift, although it was tight lipped about how it intends to use the new addition. The move is speculated as a bid to expand into virtual reality. Environment ministry of South Korea Thursday ordered Volkswagen Korea to recall 125,522 diesel vehicles on determining actual emissions of nitrogen oxides. The ministry has asked the German automobile maker to pay a fine of 14.1 billion Won or $12.31 million. The company has to submit a recall plan by January 6, 2016. The U.S. Food and Drug Administration has alerted health care professionals and patients of a voluntary recall of compounded multivitamin capsules containing high amounts of Vitamin D3 (Cholecalciferol), distributed nationwide by Glades Drugs in Pahokee, Florida. FDA has received reports of several...
comments powered by Disqus
Follow RTT