Stock Alert: II-VI Hits New 52-week High On Turnaround To Profit In Q1

(RTTNews) - Shares of II-VI Inc. (IIVI), a manufacturer of engineered materials and optoelectronic components, are rising more than 13 percent or $6.39 in Thursday's morning trade at $53.82, after touching a new 52-week high of $55.61.

Thursday, II-VI reported net income for the first quarter of $46.3 million or $0.38 per share, compared to net loss of $26.0 million or $0.39 per share in the year-ago quarter. Adjusted earnings were $0.84 per share, compared to $0.53 per share last year. Revenues surged to $728.1 million from $340.4 million last year.

Analysts polled by Thomson Reuters had a consensus estimate for earnings of $0.55 per share on revenues of $730.51 million.

For the second quarter, II-VI forecast adjusted earnings in a range of $0.86 to $0.95 per share and revenue in a range of $750.0 million to $780.0 million. The Street expects earnings of $0.63 per share on revenues of $744.66 million.

II-VI has traded in a range of $19.00 to $55.61 in the past 52 weeks.