II-VI Inc. (IIVI), which makes precision infrared optical components, on Thursday cut its fourth quarter revenue and earnings outlook, citing reduced demand for the company's Pacific Rare Specialty Metals & Chemicals, Inc. tellurium and softness in bookings and revenues experienced by the company's Marlow business unit.
For the fourth quarter ending June 30, the company now expects revenues of $135 million to $137 million and earnings of $0.23 to $0.25 per share. Previously, the company expected revenue of $139 million to $142 million and earnings of $0.27 to $0.31 per share.
Analysts polled by Thomson Reuters currently expect the company to earn $0.29 per share on revenue of $141.13 million for the fourth quarter.
For the fiscal year 2012, the company now expects revenue of $533 million to $535 million and earnings of $0.94 to $0.96 per share Previously, the company expected revenue of $537 million to $540 million and earnings of $0.98 to $1.02 per share.
Analysts currently expect the company to earn $1.01 per share on revenue of $538.84 million for the fiscal year 2012.
The company said its Pacific Rare Specialty Metals & Chemicals, Inc. tellurium inventory has continued to experience a decline in the market price of that minor metal during the current fiscal quarter due to the ongoing volatility in the global photovoltaic market.
Based on the current market price of tellurium, and despite the ongoing operational efforts of PRM to mitigate its exposure to tellurium price volatility, the company expects a write-down of PRM's tellurium inventory of about $1.7 million to $1.9 million or about $0.03 per share during the fourth quarter.
The company also introduced its fiscal 2013 guidance, which calls for revenues of $582 million to $588 million and earnings of $1.14 to $1.21 per share. Analysts currently expect the company to earn $1.34 per share on revenue of $592.95 million for the fiscal year 2013.
II-VI is currently scheduled to release fourth quarter and fiscal year 2012 earnings before the market opens on August 2.
II-VI shares closed Thursday's regular trading session at $18.60, up 33 cents or 1.81%, but lost $1.41 or 7.58% in after hours trading.
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