02/09/2022
For Immediate Release
II-VI Incorporated Reports Fiscal 2022 Second Quarter Results
- Record Bookings of $1.1 billion, grew 21% year-over-year
- Record Backlog of $1.7 billion, grew 58% year-over-year
- Revenue of $807 million
- GAAP EPS of $0.44
- Non-GAAP EPS of $0.92
- $990 million notes issued and $4.0 billion secured facility allocated and priced for Coherent acquisition
PITTSBURGH, February 9, 2022 (GLOBE NEWSWIRE) — II-VI Incorporated (Nasdaq:IIVI) (“II-VI,” “We” or the “Company”) today reported results for its fiscal 2022 second quarter ended December 31, 2021.
“II-VI delivered our first quarter of greater than $1.1 billion in bookings and a record backlog of $1.7 billion as demand continues across our end markets, due to continued strength in the megatrends underpinning our growth strategy. Products for the industrial and communications markets led our growth year-over-year. In industrial, we shipped a record 100 megawatts of pump laser power and we ramped up our sales of silicon carbide substrates for power electronics. The strong demand for transceivers in hyperscale datacenters and AI superclusters continues unabated. Our sales of 200G, 400G, and 800G transceivers now represent about a third of our datacom transceiver business,” said Dr. Vincent D. Mattera Jr., Chair and CEO.
Dr. Mattera continued, “Our consumer business led our sequential growth and represented 9% of our sales this quarter, our third largest revenue by market. We continue to see greater opportunities with a broader set of products in an expanding range of depth sensing applications, in consumer electronics, industrial, and automotive markets.
We were excited to announce that we qualified our own 1200 V SiC MOSFET product platform to automotive standards, leveraging our differentiated 150 mm SiC substrates. We expanded our relationship with GE to accelerate the next phase of commercialization in industrial, renewable energy, and automotive.
The pending acquisition of Coherent has received the approval, or indication of imminent approval, from 3 out of 4 global antitrust regulatory authorities, which approvals are conditions to the closing of the transaction. In China, the remaining jurisdiction, II-VI and Coherent are continuing to work constructively with the State Administration for Market Regulation (“SAMR”), and now anticipate closing the acquisition by the middle of the second calendar quarter of 2022,” concluded Dr. Mattera.