From Earlier: II-VI Incorporated Adjusts Fourth Quarter and Fiscal Year 2012 Outlook; Introduces Fiscal Year 2013 Guidance
II‑VI Incorporated (Nasdaq: IIVI) yesterday adjusted fourth quarter and fiscal year 2012 outlook and introduced fiscal year 2013 full year revenue and earnings guidance.
For the fourth fiscal quarter ending June 30, 2012, the Company currently forecasts revenues to range from $135 million to $137 million and earnings per share to range from $0.23 to $0.25. For the fiscal year ending June 30, 2012, the Company currently expects revenues to range from $533 million to $535 million and earnings per share to range from $0.94 to $0.96.
The Company's Pacific Rare Specialty Metals & Chemicals, Inc. (PRM) tellurium inventory has continued to experience a decline in the market price of that minor metal during the current fiscal quarter due to the ongoing volatility in the global photovoltaic market. Based on the current market price of tellurium, and despite the ongoing operational efforts of PRM to mitigate its exposure to tellurium price volatility, the Company expects a write-down of PRM's tellurium inventory of approximately $1.7 million to $1.9 million or approximately $0.03 per share diluted during the quarter ending June 30, 2012.
Also, demand for PRM's tellurium has been reduced, and the revenues in our outlook have been adjusted. In addition to the change attributable to PRM, the Company's Marlow business unit has experienced softness in its bookings and revenues during the quarter, and has reduced its outlook accordingly.
Introduction of Fiscal Year 2013 Guidance
For the fiscal year ending June 30, 2013, the Company expects revenues to range from $582 million to $588 million and earnings per share to range from $1.14 to $1.21.
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