Lumentum Trades Higher On Q4 Earnings
Lumentum Holdings (NASDAQ: LITE) shares are trading higher after the company reported better-than-expected fourth-quarter earnings and sales results. The company also issued first-quarter EPS guidance above analyst estimates.
Lumentum reported fourth-quarterly earnings of 92 cents per share, which beat the analyst consensus estimate of 72 cents by 27.78%. This is a 3.16% decrease over earnings of 95 cents per share from the same period last year.
The company reported quarterly sales of $404.6 million, which beat the analyst consensus estimate of $383.44 million by 5.52%. This is a 34.37% increase over sales of $301.1 million the same period last year.
"An eventful fourth-quarter capped off an exciting fiscal 2019 during which we made significant progress against our strategic goals and achieved record results with revenue increasing 25% to more than $1.5 billion and operating margin expanding to more than 20%," said Alan Lowe, CEO of Lumentum Holdings in a statement.
Lumentum shares were trading up 7.35% at $59 in Thursday’s pre-market session. The stock has a 52-week high of $69.95 and a 52-week low of $37.
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