Shares of Lumentum (LITE - Get Report) were rising more than 7% in premarket trading Thursday after the company reported fiscal fourth-quarter results that topped expectations and provided guidance ahead of estimates.
The company, which supplies Apple (AAPL - Get Report) with optical equipment, reported fourth-quarter earnings of 92 cents a share on revenue that rose 34% to $404.6 million. Analysts were expecting the company to report earnings of 72 cents a share on revenue of $383.5 million.
"With market leading positions in the growing telecom and 3D sensing markets, a datacom strategy that profitably benefits from growth in cloud and 5G wireless network deployments, a commercial lasers business that bucked market trends and grew to record levels, and a more profitable business model driven by the increased scale and synergies from the Oclaro acquisition, we are well positioned for fiscal 2020 and beyond," said CEO Alan Lowe.
For the fiscal first quarter, the company expects revenue to range between $435 million and $455 million and for earnings between $1.12 and $1.26 a share. Analysts are expecting revenue of $438.32 million and earnings of $1.11 a share.
Lumentum shares were up 9.77% to $60.33 a share in trading.
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