- Record Revenues of $295M Increased 20% Compared to Q3FY17
- Record Bookings and Backlog Signal Strengthening Core Markets
PITTSBURGH, May 01, 2018 (GLOBE NEWSWIRE) — II-VI Incorporated (Nasdaq:IIVI) (“II-VI” or the “Company”) today reported results for its third fiscal quarter ended March 31, 2018.
“Our third quarter was marked by strong bookings, revenue and earnings from our core markets of industrial, communications and military with solid contributions from our newer growth markets,” said Dr. Vincent D. (Chuck) Mattera, Jr., President and Chief Executive Officer. “Our CO2 laser optics and EUV (extreme ultraviolet) lithography components businesses had another record quarter, and our optical communications business had 36% sequential growth in bookings. Silicon carbide substrates shipments grew 60% over the same quarter last year, 24% sequentially. For 3D sensing, we are excited about our positioning and we continue to see our market opportunities growing. Overall, with our consolidated book to bill ratio at 1.13 and our record backlog of $442 million, we expect our fourth quarter to be a good finish to the year.”
“Our year to date cash flow from operations increased 45% from the same period last year,” said Mary Jane Raymond, Chief Financial Officer. “Our reported EPS of $0.45 per share includes $0.09 per share or $6.5 million of tax benefits for the revisions of provisional amounts recognized in Q2 FY18 for the impact of tax reform. The adjusted EPS of $0.36 per share, when compared on the same basis to our guidance, was negatively affected by $0.02 per share due to the weaker U.S. dollar and $0.03 due to a higher tax rate as a result of changes in the mix of FY18 income worldwide.”