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.
“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.
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.
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