Stock Alert: SII-VI Jumps Nearly 30%

(RTTNews) - Shares of SII-VI Incorporated (IIVI) are currently up nearly 30% on Tuesday morning after the company reported third-quarter profit that topped Wall Street estimates. The company's outlook for the fourth quarter is expected to beat current expectations.

IIVI is currently trading to $46.67, up $10.42 or 28.77%, on the Nasdaq.

Third-quarter net earnings were $5.9 million or $0.06 per share, compared to $24.6 million or $0.38 per share. On an adjusted basis, earnings were $0.47 per share, down from $0.60 per share last year.

Revenues for the quarter surged to $627.0 from $342.4 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.14 per share on revenues of $575.36 million. Analysts' estimates typically exclude one-time items.

Looking forward to the fourth quarter, the company expects revenues of $650.0 million to $700.0 million and adjusted earnings of $0.50 to $0.70 per share. Analysts currently estimate earnings of $0.39 per share on revenues of $625.75 million.