Lumentum Holdings Posts Higher Fiscal Q3 Earnings, Revenue; Issues Fiscal Q4 Outlook
08:03 AM EDT, 05/12/2021 (MT Newswires) -- Lumentum Holdings (LITE) posted fiscal Q3 adjusted earnings Wednesday of $1.40 per diluted share, up from $1.26 a year earlier. Analysts polled by Capital IQ expected $1.40.
Net revenue for the quarter ended April 3 was $419.5 million, up from $402.8 million a year ago. Analysts polled by Capital IQ expected $433.4 million.
Looking ahead, the company expects fiscal Q4 adjusted earnings of $0.92 to $1.14 per diluted share. Analysts polled by Capital IQ expect $1.25. Net revenue is projected to be between $360 million and $400 million. Analysts polled by Capital IQ expect $408.9 million.
Meanwhile, the company's board has authorized the repurchase of up to $700 million of its common shares over the next two years, Lumentum Chief Financial Officer Wajid Ali said.
Shares of the company declined more than 6% in recent Wednesday premarket activity.
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