II-VI 4Q Outlook Misses Wall Street Estimates
PITTSBURGH (AP) ¿ After reporting a sharp decrease in its third-quarter profit, laser component maker II-VI Inc. on Tuesday forecast a disappointing fourth quarter, and said it could not give a specific view into fiscal 2010.
II-VI said it expects a profit of 14 cents to 18 cents per share from continuing operations, along with $58 million to $62 million in revenue. That would give the company a profit of $1.22 to $1.26 per share for the year, and $284 million to $288 million in revenue.
According to Thomson Reuters, analysts expected a profit of 23 cents per share and $68.1 million in revenue in the fiscal fourth quarter, which ends June 30. For fiscal 2009, they expected $1.20 per share and revenue of $296.4 million.
II-VI, which has reported weakening demand for most of its business, said it expects conditions to turn around at some point in the coming fiscal year. But it expects results for its UV Filter business to decrease by about $10 million in fiscal 2010, which will hurt its near-infrared optics unit.The company's profit from continuing operations matched Wall Street estimates, but analysts expected greater revenue. In afternoon trading, shares of II-VI lost 5 cents to $20.23.
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