II-VI Corp. reported sharply lower fiscal third-quarter profits, but topped Wall Street expectations.
The Saxonburg laser and infrared technology company said net income totaled $8.5 million, or 13 cents per share, versus earnings of $15.9 million, or 25 cents per share, in the same quarter a year ago. Sales increased 21 percent to $173.6 million, with the company's September acquisition of Oclaro, a Zurich-based semiconductor laser producer, contributing all of the increase.
Restructuring, acquisition, and other charges reduced earnings by 6 cents per share during the quarter.
In a statement, President and CEO Francis J. Kramer cautioned that it will take some time to capitalize on the opportunities possible because of recent acquisitions. He said the company's backlog of business stands at more than $215 million, a record.
The results were disclosed before Wall Street opened. In early trading, II-VI shares were priced at $14.85, up 45 cents. Through Wednesday, they were down 18 percent this year.
Len Boselovic: 412-263-1941 or firstname.lastname@example.org