II-VI Q4 Profit Slips

(RTTNews) - II-VI Incorporated (IIVI), dealing in engineered materials and optoelectronic components, said its fourth-quarter net earnings slid to $10.0 million or $0.16 per share from $14.4 million or $0.22 per share in the year-ago quarter.

Five analysts, on average, polled by Thomson Reuters estimated earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter rose 13% to $155.0 million from $136.9 million in the fourth quarter of last fiscal year, while analysts had expected revenues of $149.27 million

The company said its subsidiary Pacific Rare Specialty Metals & Chemicals, Inc. will discontinue its tellurium product line, will downsize its selenium product line to focus on providing selenium metal to the II-VI Infrared Optics business unit, and will maintain production of its rare earth element.