Shares of Lumentum Holdings (LITE) - Get Lumentum Holdings, Inc. Report rose Tuesday after the optical networking and laser company released stronger-than-expected earnings amid strong demand for its products.
The company’s shares recently traded at $89, up 1.11%, and have risen 11% year to date through Monday.
In the fiscal fourth quarter ended June 27, Lumentum posted revenue of $368.1 million, down 9% from $404.6 million in the year-ago quarter. The FactSet analyst consensus called for sales of $349.7 million in the latest quarter.
In that latest quarter, Lumentum registered a net loss of $4.6 million, or 6 cents a share, shrinking from a loss of $25.8 million, or 34 cents a share, last year.
Adjusted earnings per share totaled $1.18 in the latest quarter, up from 91 cents a year earlier. The latest figure beat analysts’ forecast of 83 cents.
Sales of optical communications products slid 7.4% to $330.3 million, but again beat analysts’ estimate of $311.7 million.
Meanwhile, laser revenue dipped 20.9% to $37.8 million, once more topping analysts’ prediction $35.3 million.
"Strong market demand and solid execution drove better than projected results across all financial metrics in our fourth quarter, especially gross margin and EPS," Lumentum CEO Alan Lowe said in a statement.
"We head into fiscal 2021 with demand increasingly driven by new products and technologies, strengthened market positions, and an improving financial model with accruing benefits from acquisition synergies.”
Lumentum projects buoyant expectations going forward: first-quarter adjusted EPS of $1.40 to $1.55 and revenue of $430 million to $455 million, beating analysts’ predictions of $1.33, and $436 million.