II-VI Incorporated Reports Fiscal 2019 Fourth Quarter and Full Year Results

  • Record quarterly revenues increased 6% sequentially, and 13% year-over- year
  • Cash flows from operations of $178.5 million result in second consecutive record
  • ­­­­­­­­­­­­­­­­GAAP EPS of $0.43 and non-GAAP EPS of $0.67 exceeds expectations
  • Year-over-year revenues increase 18%, with a 21% increase in GAAP EPS

PITTSBURGH, Aug. 13, 2019 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) ("II-VI" or the "Company") today reported results for its fiscal 2019 fourth quarter and fiscal year ended June 30, 2019 and provided an update on the approval process for the Finisar acquisition.

“We completed our fiscal year 2019 by delivering another strong operating performance driven by record quarterly and full year revenues. Growth was led by our key accounts in the Photonics segment from the optical communications markets, with increasing demand for products driven by broad-based deployments and the continued acceleration of the 5G infrastructure build-out around the world. Sales in Performance Products were fueled by silicon carbide substrates for the electrification of vehicles, the deployment of green energy infrastructure and the sustained build-out of wireless base stations. Our Aerospace and Defense business continued to experience strong demand from customers for our products including those associated with High Energy Lasers under development,” said Dr. Vincent D. (Chuck) Mattera, Jr., Chief Executive Officer. “Our intense focus on cost and cash flow helped drive bottom line improvement and record cash flow from operations.”

Dr. Mattera continued, “Regarding the pending acquisition of Finisar, we have been engaged in an active dialogue with SAMR throughout this whole process. Given the broad and deep footprint in China of both companies and the approaching end of Phase III, we plan to refile our application, but expect the process to continue in parallel without impact from the re-filing. The new expectation is for a closure in the fall timeframe.”

                              
Table 1                                                          
$ in Millions, except per share amounts, basis points and %  
(Unaudited)                                                          
    Three Months Ended      Year Ended  
                                                         
    June 30,       March 31,       June 30,       June 30,       June 30,  
    2019       2019       2018       2019       2018  
                                                           
Revenues   $   362.7       $   342.4       $   321.1       $   1,362.4       $   1,158.8  
                                                           
Operating income (1)   $   40.7       $   31.2       $   40.0       $   148.7       $   136.8  
Adjusted operating income (2)   $   56.9       $   47.4       $   48.0       $   209.7       $   173.1  
                                                           
Net earnings   $   28.0       $   24.6       $   27.2       $   107.5       $   88.0  
Adjusted net earnings (2)   $   43.8       $   40.6       $   33.7       $   167.6       $   132.0  
                                                           
Diluted earnings per share   $   0.43       $   0.38       $   0.42       $   1.63       $   1.35  
Adjusted diluted earnings per share (2)   $   0.67       $   0.62       $   0.52       $   2.54       $   2.03  
                                                           
Other Selected Financial Metrics                                                          
Book to Bill (3)       0.91           1.05           1.03           1.02           1.04  
Gross margin       38.2 %         37.2 %         40.1 %         38.3 %         39.9 %
Operating margin       11.2 %         9.1 %         12.5 %         10.9 %         11.8 %
Adjusted operating margin (2)       15.7 %         13.8 %         14.9 %         15.4 %         14.9 %
Return on sales       7.7 %         7.2 %         8.5 %         7.9 %         7.6 %
Adjusted return on sales (2)       12.1 %         11.9 %         10.5 %         12.3 %         11.4 %

(1)  Operating income is defined as earnings before income taxes, interest expense and other expense or income, net.

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