SAXONBURG, Pa. (AP) -- II-VI Inc. posted a 32 percent decline in net income for the first quarter as customers delayed orders for engineered materials and optical components in the shaky global economy.
The company earned $12.7 million, or 20 cents per share, down from $18.7 million, or 30 cents per share, in the same quarter last year.
Excluding one-time charges, the company posted an adjusted profit of 21 cents per share for the recent quarter.
Revenue fell 4.4 percent to $132.3 million from $138.4 million.
The company fell short on both figures and its outlook disappointed as well. Shares slid more than 3 percent.
Wall Street was looking for per-share profits of 23 cents and $130 million in revenue, according FactSet.
II-VI cited economic and political uncertainties which it believes led to a pullback by customers. The company said it was monitoring spending closely and adjusting its cost structure to match market demand.
Total bookings, which are orders expected to be converted into revenue within the next 12 months, fell 12 percent to $114.4 million.
The company projected a second-quarter profit of 20 to 22 cents per share on $128 million to $132 million in revenue. Analysts expect a profit of 25 cents per share on $133.4 million in revenue.
For the full fiscal year ending June 30, the company said it expects a profit of $1 to $1.06 per share on $550 million to $560 million in revenue. Analysts expect a fiscal-year profit of $1.07 per share on $558.1 million in revenue.
Shares of I-VI, based in the Saxonburg, Pa., fell 56 cents, or 3.2 percent, to $16.78 in morning trading.
- Investment & Company Information