Shares of II-VI (NASDAQ:IIVI), an industrial laser company, were surging on Tuesday after the company released its fiscal third-quarter 2020 results after the bell Monday.
As of 3:04 p.m. EDT, II-VI's share price was up 24.1%.
In the quarter, which ended March 31, II-VI's revenue increased by 83% to $627 million. Those sales were much higher than the $575.7 million Wall Street was expecting from the company. But as strong as revenue was in the quarter, investors even were more impressed with II-VI's huge earnings beat. The company's non-GAAP earnings per share of $0.47 far surpassed analysts' consensus estimate of $0.14.
"Despite significant operating challenges, the extraordinary commitment of our employees allowed us to address the steep ramps requested by our customers, and to exceed the high end of our revenue and EPS guidance with record bookings at 22% above our forecast," CEO Vincent D. Mattera said in the company's earnings press release.
II-VI's bookings hit a record of $840 million in the quarter, and its GAAP operating income reached $69 million, more than doubling year over year.
II-VI's management said that it expects revenue in its fiscal fourth quarter to be in the range of $650 million to $700 million. Additionally, the company forecast non-GAAP earnings in the range of $0.50 to $0.70.
Even with all of the market uncertainty surrounding COVID-19, II-VI clearly delivered an excellent quarter -- and investors are applauding it.