Why II-VI Shares Rose 38% Last Month
Shares of industrial lasers specialist II-VI (NASDAQ: IIVI) gained 38.1% in May, according to data from S&P Global Market Intelligence. The surge hinged on a single-day gain of 25%, which in turn was based on a fantastic third-quarter earnings report.
II-VI's first-quarter sales nearly doubled year over year from $343 million to $627 million, while adjusted earnings fell 24% to $0.47 per share. Your average Wall Street analyst would have settled for earnings near $0.14 per share on revenue in the neighborhood of $575 million.
The company also reported record bookings and backlogs of unfilled orders, which allowed management to post fourth-quarter guidance well ahead of the consensus analyst outlook at the time.
Source Fool.com
