* Raises 2010 rev outlook to $293-$305 mln
* Photop deal neutral to FY10 earnings
* Sees Photop deal to add to FY11 earnings
Jan 4 - Optical and electronic instruments maker II-VI Inc (IIVI.O) raised its revenue outlook for fiscal 2010, helped by its recent acquisition of China-based Photop Technologies Inc.
The company now expects fiscal 2010 revenue to range between $293 million and $305 million, up from its previous forecast of $264 million to $274 million.
The positive operational results of Photop, a manufacturer of engineered materials and optical components, will offset acquisition-related costs and the dilutive effect of shares of the II-VI common stock that were used for the deal, the company said in a statement.
The initial consideration for the acquisition consisted of cash of $45.6 million and 1,146,000 shares of II-VI common stock. [ID:nWNBB4421]
II-VI said it still expects fiscal 2010 earnings from continuing operations to range between 85 cents and 95 cents a share.
Analysts on average were expecting earnings of 96 cents a share, on revenue of $274.4 million, according to Thomson Reuters I/B/E/S.
The Photop deal will add to the company's earnings in the fiscal year ending June 30, 2011, II-VI said.
Shares of the company closed at $32.16 Monday on Nasdaq. (Reporting by Amulya Nagaraj in Bangalore; Editing by Maju Samuel)