- Record Revenues of $282M Increased 21% Compared to Q2 FY17
- Record Backlog of over $400M and strengthening Book to Bill Ratio
- The adoption of the Tax Cuts and Jobs Act reduced EPS by $0.24
II-VI Incorporated (Nasdaq:IIVI) (“II-VI” or the “Company”) today reported results for its second fiscal quarter ended December 31, 2017. The Company’s results include $15.8 million or $0.24 per diluted share of largely one time additional income tax expense due to the provisions under the Tax Cuts and Jobs Act and associated withholding taxes for anticipated cash repatriation. The Securities and Exchange Commission has issued rules that allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. The Company currently anticipates finalizing and recording any resulting adjustments by the end of the quarter ending December 31, 2018.
“Revenues and adjusted EPS this quarter were at the top end of our guidance driven by solid performance from all three segments,” said Dr. Vincent D. Mattera, Jr. President and CEO, II-VI Incorporated. “Each of our segments saw growth in their end markets, and our newer products accounted for more than half the growth this quarter. Our growth markets as well as our core markets of industrial and communications are positioned to benefit as the end markets continue to mature. With regard to the new Tax Cuts and Jobs Act of 2017, the tax we have recorded is to account for the various provisions and our plans for cash repatriation in due course. We expect this legislation to be a net positive for II-VI.”