What happened Shares of II-VI (NASDAQ: IIVI) are skyrocketing today, up by 17.5% as of 2:34 p.m. EST, after the company reported fiscal first-quarter earnings. The results crushed profit expectations and guidance came in better than expected as well. So what Revenue in the fiscal first quarter came in at $728.1 million, which was basically in line with the consensus estimate of $728.9 million. That resulted in adjusted earnings per share of $0.84. Wall Street was only looking for $0.55 per share in adjusted profits. The optoelectronic technology company continues to integrate its acquisition of Finisar, which has helped II-VI expand its presence in 3D sensing after closing a little over a year ago. Image source: Getty Images. "I am pleased that we have achieved increased revenues, delivered synergies ahead of schedule, increased gross margins 330 basis points, and reengaged a number of customers that were on the sidelines before the [Finisar] transaction was approved," CEO Chuck Mattera said in a statement. "Given the demand we are seeing for our datacom and telecom products, this timely acquisition was and continues to be consistent with our strategy to count on some of the world's greatest mega trends such as 5G and Cloud Computing to deliver a sustainable growth." Now what Mattera added that II-VI's 3D sensing revenue tripled during the quarter, likely driven in part by Apple's new iPhone 12 lineup, which incorporates II-VI sensors for Face ID. Outlook for the fiscal second quarter calls for revenue of $750 million to $780 million, easily topping the consensus estimate of $741.3 million. II-VI is forecasting adjusted earnings per share of $0.86 to $0.95, compared to the $0.63 per share in adjusted profits that analysts are looking for. 10 stocks we like better than II-VIWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and II-VI wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Evan Niu, CFA owns shares of Apple. The Motley Fool owns shares of and recommends Apple. The Motley Fool recommends II-VI. The Motley Fool has a disclosure policy.Source