II-VI Completes Acquisition Of ANADIGICS; Updates Q3 Outlook

(RTTNews) - II-VI Incorporated (IIVI) announced it has successfully completed its acquisition of ANADIGICS, Inc. (ANAD) for approximately $78.2 million in cash. The company also updated its outlook for third quarter, previously issued on January 26, 2016.

II-VI now expects third-quarter revenue in the range of $190 to $198 million, compared to the prior guidance range of $185 to $195 million. The company now expects its third-quarter EPS on a reported basis to be $0.21 to $0.23/share. Adjusted EPS is now expected to be $0.26-$0.29, inside the company's original guidance range of $0.25 to $0.29.

Analysts polled by Thomson Reuters expect the company to report profit per share of $0.27 on revenue of $191.72 million. Analysts' estimates typically exclude special items.