II-VI: Fiscal 1Q Earnings Snapshot
SAXONBURG, Pa. (AP) _ II-VI Inc. (IIVI) on Tuesday reported a fiscal first-quarter loss of $26 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Saxonburg, Pennsylvania-based company said it had a loss of 39 cents. Earnings, adjusted for non-recurring costs and stock option expense, were 57 cents per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
The Laser and optics manufacturer posted revenue of $340.4 million in the period, surpassing Street forecasts. Six analysts surveyed by Zacks expected $335.8 million.
For the current quarter ending in January, II-VI expects its per-share earnings to range from 20 cents to 50 cents.
The company said it expects revenue in the range of $590 million to $630 million for the fiscal second quarter.
II-VI shares have climbed slightly more than 8% since the beginning of the year. The stock has dropped 7.5% in the last 12 months.