- Record bookings and backlog continue to signal strong core markets
- Revenues increased 22% compared to Q2FY18
- GAAP EPS of $0.44 increased 13% excluding Tax Reform from Q2 FY18; Adjusted EPS of $0.71 increased 34% compared to Q2FY18
- Operating income increased 22% compared to Q2FY18, 48% increase on an adjusted basis compared to Q2FY18
PITTSBURGH, January 31, 2019 (GLOBE NEWSWIRE) — II-VI Incorporated (Nasdaq:IIVI) (“II-VI” or the “Company”) today reported results for its fiscal second quarter ended December 31, 2018.
“We delivered solid operating performance during the quarter. 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, 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.”