II-VI profit up on broad revenue gains

Profit jumped 27 percent at II-VI Inc. in the third quarter on higher revenue at the Saxonburg-based optics and laser maker.

The company said net income in the July-September quarter was $12.3 million, or 20 cents a share, compared with net income of $9.7 million, or 15 cents a share, in the same period a year earlier.

Analysts expected net income of 17 cents a share, according to a survey by Bloomberg.

II-VI shares were trading at $12.76, up 37 cents, or 3 percent, at 10:30 a.m. Tuesday.

Revenue climbed 24 percent to $185.8 million in the quarter, up from $150 million a year earlier.

CEO Francis Kramer said sales increased across most of the company's product categories. And he said he expects II-VI's financial performance to continue to improve as it cut costs.

“This quarter was a good step forward,” he said.

Alex Nixon is a staff writer for Trib Total Media. He can be reached at 412-320-7928 or anixon@tribweb.com.