II-VI beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line
- Reports Q2 (Dec) earnings of $0.71 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.67; revenues rose 21.8% year/year to $342.9 mln vs the $339.17 mln S&P Capital IQ Consensus.
- Co issues in-line guidance for Q3, sees EPS of $0.60-0.69, excluding non-recurring items, vs. $0.66 S&P Capital IQ Consensus; sees Q3 revs of $335-343 mln vs. $339.16 mln S&P Capital IQ Consensus.
- "We achieved record bookings of $377 million, record revenue of $343 million and grew our backlog to $513 million. The optical communications market was very strong, we launched our GaN on SiC device development to address the accelerating 5G market, and we booked several large orders for SiC substrates from customers servicing the growing electric vehicle market. We believe all of these drivers will remain strong. During the quarter, we announced our exciting plan to acquire Finisar (FNSR), and we began our integration planning. Additionally, the U.S. HSR waiting period recently expired and we received clearance from the German competition authority. In the meantime, we remain intensely focused on cost control and operating performance. During the quarter, we generated $69 million in cash flow from operations and repaid $60 million of outstanding debt."
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