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II-VI Stock Falls After Q4 Results, Notes Gross Margin Pressure

Benzinga2021-08-10

  • II-VI Inc (NASDAQ:IIVI) reported fourth-quarter FY21 revenue growth of 8.3% year-on-year to $808 million, beating the analyst consensus of $783.33 million.
  • Segments: Photonic Solutions revenue increased 6.3% Y/Y to $549.7 million. Revenue from Compound Semiconductors rose 12.8% Y/Y to $258.3 million.
  • Margins: The non-GAAP gross margin contracted 370 bps to 38.6% as the costs rose 12.7% Y/Y.
  • The non-GAAP operating margin expanded 170 bps to 18.4% as the expenses declined 18% Y/Y.
  • Non-GAAP operating margin for Compound Semiconductors expanded 810 bps to 23.7%, while contracted 130 bps to 15.9% for Photonic Solutions segment.
  • Non-GAAP EPS of $0.88 beat the analyst consensus of $0.76.
  • II-VI held $1.6 billion in cash and equivalents as of June 30, 2021, and generated $574.4 million in operating cash flow during FY21.
  • The Q4 revenue exceeded the top end of II-VI's guidance with a book-to-bill ratio of 1.14.
  • In communications, FY21 revenue improved 11%, driven by 100, 200, 400G datacom transceivers and coherent optics.
  • II-VI's life sciences revenue grew by 65% Y/Y in support of COVID and other diagnostic testing.
  • II-VI expects the pending acquisition of Coherent Inc (NASDAQ:COHR) to close during the first calendar quarter of 2022.
  • Outlook: II-VI sees Q1 FY22 revenue of $780 million - $830 million compared to the analyst consensus of $804.04 million.
  • It forecasts a non-GAAP EPS of $0.75 - $0.90 versus the analyst consensus of $0.90.
  • Price action: IIVI shares traded lower by 5.30% at $64.26 on the last check Tuesday.

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评论11

  • Btk
    ·2021-08-11
    Look forward to good results next year with the acquisition.
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    • 波king
      这个监管部门同意收购了,最近反垄断这么厉害,别最后又吹了
      2021-08-12
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    • 纯天然绿色学渣
      可以收购的时间跨度长,不知道中间会不会有变化
      2021-08-12
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    • 赢在中国V
      这是利好消息吧,现在开始上行了
      2021-08-11
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    查看更多 1 条评论
  • Genesis8888
    ·2021-08-10
    ok as expected
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  • Adrian88
    ·2021-08-10
    Oops
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    • Ash1285
      Ya
      2021-08-10
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  • druvaciam
    ·2021-08-10
    What's wrong with this market, good report, raise on premarket and then fall.[疑问] 
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  • covfefebean
    ·2021-08-10
    okkk
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  • TanWeiHan
    ·2021-08-10
    Like and comment thanks
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  • Winston1012
    ·2021-08-10
    Like and comment, thanks
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  • Dummy_Inv
    ·2021-08-10
    Like n comment for coins 
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  • RiveR
    ·2021-08-10
    Ok
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  • Saintrade
    ·2021-08-10
    Like and comments ty 
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    • Tongs
      Like n comment pls
      2021-08-10
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    • Saintrade
      Ok
      2021-08-10
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  • Gemini_sg
    ·2021-08-10
    Comment.
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    • terry89
      ok
      2021-08-10
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