Saxonburg-based infrared laser technology company II-VI Inc. warned that revenues and earnings in the current quarter will be lower than expected because of restructuring it has decided to do at some newly acquired businesses.
The company this morning said earnings per share from continuing operations will range from 10 cents to 13 cents per share for the three months ending March 31.
That's below earlier guidance that called for earnings in the range of 15 cents to 18 cents per share. Analysts polled by Thomson Financial were looking, on average, for 17 cents per share.
II-VI expects revenues from continuing operations in the range of $165 million to $170 million, below the $175 million to $180 million level predicted on Jan. 28.
For the full fiscal year ending June 30, earnings per share are now expected in the range of 55 cents to 60 cents per share, down from earlier projections of 67 to 74 cents per share.
Analysts had been looking for 76 cents per share.
Francis J. Kramer, president and CEO, said the "challenging" actions will help streamline the businesses.