EmailII-VI (IIVI $16.85 -1.65) lowered its fourth quarter EPS guidance to $0.23-0.25 (from $0.27-0.31) versus the $0.29 Capital IQ Consensus and lowered its fourth quarter revenue guidance to $135-137 million (from $139-142 million) versus the $141.16 Capital IQ Consensus. The company also lowered its fiscal year 2012 EPS guidance to $0.94-0.96 (from $0.98-1.02) versus the $1.10 consensus and lowered FY12 revenue guidance to $533-535 million (from $537-540 mln) versus the $538.74 consensus. "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."
The company also provided FY13 guidance: sees EPS of $1.14-1.21 versus the $1.39 Capital IQ Consensus estimate; sees revenues of $582-588 million versus the $593.67 million consensus. "Today we introduce initial guidance for the fiscal year ending June 30, 2013. While economic conditions are uncertain in several of the markets and geographies that we serve, we believe that, as a result of our rigorous annual budgeting and strategic planning process, we are able to provide this guidance. Our forecast for growth starts with an expected record backlog at June 30, 2012. More specifically, we anticipate growth will be propelled by our Infrared Optics and Photop businesses. We also expect results to increase sequentially quarter by quarter as the year progresses. And, since the negative impact of the Thailand flooding experienced in fiscal year 2012 will be behind us, we look forward to growth from our Aegis business during its second year of II-VI ownership."
