Lumentum must have said something bad about the future, because they are down 9% and optical stocks are getting hit. Will check the transcript later...
Lumentum shares fall on soft FQ2 revenue, inline outlook
Feb. 02, 2021 8:21 AM ET Lumentum Holdings Inc. (LITE) By: Brandy Betz, SA News Editor 3 Comments
Lumentum (NASDAQ: LITE) reports mixed fiscal Q2 results with revenue roughly inline at $478.8M (+5% Y/Y, $2M below consensus) and EPS of $1.99, $0.08 above consensus."Combining the positive momentum from the prior quarter, with strengthened demand in Telecom and Lasers, we achieved new record revenue and non-GAAP gross margin, operating margin, and earnings per share in the second quarter," says CEO Alan Lowe.Optical Communications sales totaled $449.1M, up 5% on the quarter and 10% on the year. Lasers brought in $29.7M, up 24% sequentially but down 39% on the year.Margins topped estimates with gross margin of 53.4% vs. 51.9% and operating at 35.5% vs. 33.8%.Cash and equivalents totaled $1.7B at the end of the quarter.For FQ3, LITE expects $425-440M in revenue (consensus: $429.23M), non-GAAP operating margin of 27.5-29.5%, and EPS of $1.31-1.46 (consensus: $1.33). |
