05/10/2022
For Immediate Release
II-VI Incorporated Reports Fiscal 2022 Third Quarter Results
- Record Revenue of $828 million
- Record Bookings of $1.2 billion, grew 48% year-over-year
- Record Backlog of $2.1 billion, grew 88% year-over-year
- GAAP EPS of $0.28
- Non-GAAP EPS of $0.95
PITTSBURGH, May 10, 2022 (GLOBE NEWSWIRE) — II-VI Incorporated (Nasdaq:IIVI) (“II-VI,” “We” or the “Company”) today reported results for its fiscal 2022 third quarter ended March 31, 2022.
“We experienced a tremendous surge in demand, booking $1.2 billion of new orders, an increase of 48% compared to a year ago. Our backlog grew 88% year-over-year to $2.1 billion. Clearly, we continue to benefit from a broad and diverse portfolio of differentiated products that serve a rapidly growing list of industry-leading customers. Our substantial investments in innovation and scale, our ability to integrate our offerings in large and fast-growing markets, and our diversification strategy has become increasingly well-known and regarded industry-wide,” said Dr. Vincent D. Mattera Jr., Chair and CEO.
Dr. Mattera continued, “We had a record-breaking third quarter. Consolidated revenue increased 6% compared to last year as we delivered $828 million, above the top end of our guidance. This was driven by strength in our datacom networking business, for large enterprises, as well as for hyperscale datacenters and supercomputing clusters that underpin the growth of cloud and the metaverse.
“Our business, operations and supply chain teams leveraged our diverse global footprint to mitigate the impact of our supply constraints. Meanwhile, thanks to our very close relationships, our customers and suppliers provided us valuable guidance to help us navigate through these extraordinary times. Overall, we believe that we are well positioned to increase our momentum, outperform in the current environment, and gain share in our core markets,” concluded Dr. Mattera.