II-VI exceeds $1bn in yearly revenue

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US optoelectronic component manufacturer II-VI has posted yearly revenues exceeding $1 billion for the first time.

The company’s photonics business unit achieved revenue of $464.4 million for the fiscal year ending 30 June 2018, up 11.0 per cent from $418.5 million last year. Yearly operating income for the business unit increased to $67.7 million, up 7.5 per cent from $63.0 million last year.

Q4 revenue for the business unit increased to $126.5 million, up 12.2 per cent year-over-year from $112.7 million, while operating income for the quarter decreased to $14.6 million, down 15.6 per cent year-over-year from $17.3 million.

Across all three of its business units – photonics, laser solutions and performance products – II-VI achieved revenues totalling $1,158.8 million, a 19 per cent increase over the $972.0 million achieved last year. Yearly operating income across the three units was $135.3 million, up 17.1 per cent from $115.5 million last year. Lastly, adjusted net earnings for the year were $132.0 million, up 14 per cent from $115.9 million in 2017, with adjusted diluted earnings per share being $2.03, up from $1.80 last year.

Q4 revenue across all three business units grew to $321.1 million, up 17 per cent year-over-year from $273.7 million. Quarterly operating incoming for all three units was $38.2 million, up 7.0 per cent year-over-year from $35.7 million. Looking ahead, revenues for the next quarter ending 30 September 2018 are expected to be between $305 million and $315 million for the three units, up from $262 million last year.

‘We ended fiscal year 2018 on a high note with 19 per cent revenue growth for the year. We delivered record revenues for the quarter, a strong [36 per cent] increase in cash flow from operations, and a solid backlog. We experienced momentum across our end markets as we started FY19,’ commented Dr Vincent Mattera Jr, president and CEO of II-VI.

‘For FY18, revenues from the industrial market grew 19 per cent, military was up 15 per cent, and communications increased 6 per cent,’ he continued. ‘Our growth markets of automotive, consumer and semiconductor capital equipment collectively more than doubled, contributing about half of the full year growth.

‘Our strategic investments in technology and manufacturing scale, including those aimed at keeping our product portfolio differentiated, continued during the early adoption phase of several new emerging markets.’

II‐VI announced its intent to acquire CoAdna, a manufacturer of optical components, modules and sub-systems, for approximately $85 million in cash earlier this year. The transaction is expected to close in the third quarter of 2018 and will enable II-VI to better address the growing demand in reconfigurable optical add-drop multiplexer (ROADM) line cards driven by the emergence of 5G technologies.

‘As we begin FY19, we look forward to the CoAdna team joining us in about a month when the transaction is expected to close, and combining their wavelength selective switches with our market-leading portfolio of optical communications products,’ Mattera Jr concluded.

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