Wednesday, May 13, 2020

II-VI posts revenue of $627 million

Earlier this week,  II-VI reported revenue of $627 million for its fiscal 2020 third quarter ended March 31, 2020. Quarterly GAAP Operating Income was $69.0 million.

"In this second full quarter of II-VI operations with Finisar included, we successfully continued our integration activities amid the COVID-19 pandemic," said Dr. Vincent D. (Chuck) Mattera, Jr., Chief Executive Officer. "Our mandate and priorities during the pandemic have been clear with respect to our response to this crisis:

Ensure the safety of the II-VI workforce;
Ensure the hygiene and security of our worldwide facilities; and
Maintain full compliance with all government laws, orders and policies that apply to us."

"Our focus on these priorities mitigated the impact of COVID-19 and delivered a great quarter. Despite significant operating challenges, the extraordinary commitment of our employees allowed us to address the steep ramps requested by our customers, and to exceed the high end of our revenue and EPS guidance with record bookings at 22% above our forecast."

"Our global business continuity team supported our operations to deliver these results, and they are a testament to the professionalism and dedication of our global workforce of over 22,000 employees. Our substantial progress at integrating the Finisar acquisition after only two quarters is a result of our experience in assessing markets and acquiring complementary companies with great technology and potential."

Dr. Mattera continued, "Demand in the communications market accelerated considerably throughout the quarter. It was strong across all aspects of our telecom and datacom offerings driven by the acceleration of the build out of the 5G deployments and network infrastructure upgrades. This was most evident in our Transceiver business where bookings far exceeded our expectations during the quarter and customer enthusiasm remained high. We had a second consecutive quarter of record 3D sensing shipments from our Warren, NJ and Easton, PA, operations. We also successfully completed the qualification of our Sherman, TX facility as planned, and we have begun to ship production units as we continue our manufacturing ramp. We look forward to completing the year on a strong note."