- Bookings and Revenues both increased 19% year over year
- EPS increased over 46% year over year
- Solid order coverage for Q4FY17 across all three segments
PITTSBURGH, May 2, 2017 (GLOBE NEWSWIRE) — II-VI Incorporated (Nasdaq: IIVI) (“II-VI” or the “Company”) today reported results for its third fiscal quarter ended March 31, 2017.
Dr. Vincent D. Mattera, Jr., President and Chief Executive Officer of II-VI said “Against an industry-wide backdrop of concern about a slow-down in the optical communications market, our third fiscal quarter unfolded largely as expected, and was in line with the high-end range of our guidance. We maintained a great sense of urgency in the service of our customers, and delivered 18% organic sales growth (19% total growth) and 200 basis point improvement in gross margin. Each of our businesses contributed, including those that
collectively serve the communications market in which we recorded all-time high revenues and backlog during the quarter. I believe
that our diversified product and technology portfolio along with the capital allocation strategy we have employed over the past sever l years and a world class global team drove our solid performance. I also believe that we can sustain our overall performance during our fourth fiscal quarter given the strong backlog and record order coverage across all three segments, as we continue to work to position the Company to deliver outstanding value to our customers and shareholders.”
The Company’s revenue reflects the benefits of its investments in R&D over the last several years. While the Company continues to invest in research and development in all businesses, the single largest concentrated investment in research and development was in the II-VI Laser Solutions segment. This concentrated investment will serve to capture a meaningful market share in end markets with
expected growth in the billions of dollars over th next several years. R&D investments in this segment were $8.5M and $25.7M, for the
three and nine months ended March 31, 2017, respectively. These investments impacted diluted earnings per share by $0.10 and
$0.30, for the three and nine months ended March 31, 2017, respectively.