Lumentum: Fiscal 4Q Earnings Snapshot
MILPITAS, Calif. (AP) _ Lumentum Holdings Inc. (LITE) on Wednesday reported fiscal fourth-quarter net income of $33.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Milpitas, California-based company said it had profit of 40 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 94 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.
The optical networking products maker posted revenue of $301.1 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $290.9 million.
For the year, the company reported net income of $248.1 million, or $3.82 per share, swinging to a profit in the period. Revenue was reported as $1.25 billion.
For the current quarter ending in October, Lumentum expects its per-share earnings to range from 90 cents to $1.10.
The company said it expects revenue in the range of $340 million to $360 million for the fiscal first quarter.
Lumentum shares have increased 18 percent since the beginning of the year. The stock has declined 1.5 percent in the last 12 months.