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What's happening?
Shares of II-VI (COHR -3.41%) jumped more than 10% early Tuesday after the laser manufacturer announced better-than-expected fiscal second quarter 2015 results.
Why it's happening
While quarterly revenue rose just 3% year over year to $176.8 million, II-VI's focus on improving margins through operational efficiency helped it achieve 50% growth in adjusted net earnings per diluted share to $0.24. Bookings -- or orders they expect to convert to revenue over the next year -- rose 11.2% to $186.8 million. Analysts, on average, were expecting the same revenue to result in earnings of just $0.17 per share.
"Our results in the second quarter reflect our continued success delivering innovative products across our markets," elaborated II-VI CEO Francis Kramer, "in particular to our industrial customers."
For the current quarter, II-VI expects revenue from continuing operations to range from $174 million to $182 million, with earnings per diluted share of $0.18 to $0.24. The mid-point of both ranges sits above analysts' expectations, which call for fiscal third quarter revenue and earnings of $177.3 million and $0.17 per share, respectively. In the end, given II-VI's solid execution and increase in bookings, patient investors appear rightly enthusiastic that their company is finally executing on its turnaround and returning to growth.
