II-VI Incorporated (IIVI) has reported a 50.15 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $22.43 million, or $0.35 a share in the quarter, compared with $14.94 million, or $0.24 a share for the same period last year.
Revenue during the quarter grew 19.44 percent to $244.99 million from $205.10 million in the previous year period. Total expenses were 87.26 percent of quarterly revenues, down from 91.16 percent for the same period last year. This has led to an improvement of 390 basis points in operating margin to 12.74 percent.
Operating income for the quarter was $31.20 million, compared with $18.13 million in the previous year period.
Dr. Vincent D. Mattera, Jr., president and chief executive officer of II-VI said, "Against an industry-wide backdrop of concern about a slow-down in the optical communications market, our third fiscal quarter unfolded largely as expected, and was in line with the high-end range of our guidance. We maintained a great sense of urgency in the service of our customers, and delivered 18% organic sales growth (19% total growth) and 200 basis point improvement in gross margin. Each of our businesses contributed, including those that collectively serve the communications market in which we recorded all-time high revenues and backlog during the quarter. I believe that our diversified product and technology portfolio along with the capital allocation strategy we have employed over the past several years and a world class global team drove our solid performance. I also believe that we can sustain our overall performance during our fourth fiscal quarter given the strong backlog and record order coverage across all three segments, as we continue to work to position the Company to deliver outstanding value to our customers and shareholders."
Operating cash flow falls marginally
II-VI Incorporated has generated cash of $78.37 million from operating activities during the nine month period, down 3.53 percent or $2.86 million, when compared with the last year period.
The company has spent $98.01 million cash to meet investing activities during the nine month period as against cash outgo of $151.31 million in the last year period.
Cash flow from financing activities was $53.83 million for the nine month period, down 37.38 percent or $32.14 million, when compared with the last year period.
Cash and cash equivalents stood at $247.58 million as on Mar. 31, 2017, up 32.13 percent or $60.21 million from $187.37 million on Mar. 31, 2016.
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