Shares of II-VI Inc. sank 6.1% toward a six-month low in premarket trading Thursday, after the optical technology company beat fiscal third-quarter earnings expectations, but provided a downbeat profit outlook for the current quarter. Net income for the quarter to March 31 rose to $81.1 million, or 66 cents a share, from $5.9 mullion, or 6 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share nearly doubled, to 91 cents from 47 cents, and beat the FactSet consensus of 88 cents. Revenue grew 24.9% to $783.2 million, above the FactSet consensus of $772.3 million, with photonic solutions revenue rising 21.6% to $508.0 million and compound semiconductor revenue growing 31.5% to $275.3 million. For the fiscal fourth quarter ending June 30, the company expects adjusted EPS of 63 cents to 83 cents, below the current FactSet consensus of 92 cents, while the revenue guidance of $752 million to $802 million surrounds expectations of $796 million. The stock, which is on track to open at the lowest price seen during regular-session hours since November 2020, has shed 15.0% year to date through Wednesday, while the S&P 500 has advanced 11.0%.
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