Categories AlphaGraphs, Earnings, Technology

Lumentum stock gains momentum as it surpasses Q4 estimates

Lumentum Holdings (NASDAQ: LITE) reported fourth quarter 2019 financial results that beat consensus predictions. The company reported non-GAAP earnings of $0.92 per share on revenue of $404.6 million for the fourth quarter of 2019. Analysts had predicted Lumentum to earn $0.72 per share on revenue of $383.44 million. Lumentum shares rose about 7% in the pre-market trading session.

The company reported GAAP net loss attributable to common stockholders of $25.8 million or $0.34 per share for Q4 2019 versus GAAP net income attributable to common stockholders of $25.7 million or $0.40 per share in the fourth quarter of 2018.

The Miliptas, California-based firm provided better-than-expected earnings outlook for fiscal first quarter of 2020. Lumentum expects non-GAAP earnings to be in the range of $1.12 to $1.26 per share and revenue to be in the range of $435 million to $455 million for Q1 2020.

Related: Countries that have banned Huawei from their 5G plans

“An eventful fourth quarter capped off an exciting fiscal 2019 during which we made significant progress against our strategic goals and achieved record results with revenue increasing 25% to more than $1.5 billion and operating margin expanding to more than 20%,” said CEO Alan Lowe.

On May 20, 2019, the optical networking products maker reduced its outlook for the fourth quarter ending June 29, 2019 as the US Department of Commerce imposed license requirements for doing business with Huawei Technologies.

Lumentum downshifted its Q4 2019 revenue guidance to $375 million to $390 million range from the prior range of $405 million to $425 million. Non-GAAP EPS outlook was trimmed down to $0.65 to $0.77 from the prior outlook of $0.85 to $1.00.

Lumentum added that for the fiscal third quarter of 2019, ended March 30, 2019, sales to Huawei represented approximately 18% of total revenue and for fiscal year 2019 year to date sales to Huawei represented approximately 15% of total revenue.

Read: Sarepta Therapeutics beats Q2 bottom and topline estimates

Lumentum stock, which ended up 2.61% at $54.96 yesterday, had increased 31% since the beginning of this year, while dropping 5% in the trailing 12 months.

We’re on Apple News! Follow us to receive the latest stock market, earnings and financial news at your fingertips

Most Popular

AVGO Earnings: Broadcom Q2 2024 revenue and profit beat estimates

Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Wednesday reported higher second-quarter revenues and adjusted earnings. The results also topped analysts' expectations. Earnings, excluding non-recurring items, came in at $10.96 per

Key takeaways from Oracle’s (ORCL) Q4 2024 earnings report

Oracle Corporation’s (NYSE: ORCL) stock rallied this week after the company announced large cloud infrastructure deals with tech giants Google, OpenAI, and Microsoft. The demand for Oracle's generative AI infrastructure

ZDGE Earnings: Zedge reports higher revenues and adj. profit for Q3 2024

Content distribution platform Zedge, Inc. (NYSE American: ZDGE) has reported higher net income for the third quarter of 2024, on an adjusted basis. The bottom line benefitted from a double-digit


Add Comment
Viewing Highlight