Viavi Solutions Inc. (NASDAQ: VIAV) raised its first-quarter guidance Thursday and said its board of directors have authorized a stock repurchase program for up to $200 million of the company's common stock through open market or private transactions before Sept. 30, 2021.
The company's analyst day event is being held Thursday.
For the fiscal first quarter of 2020 ending Sept. 28, Viavi raised its revenue guidance from a range of $273 million to $293 million to a range of $282 million to $294 million; and raised its non-GAAP earnings per share guidance from a range of 14-16 cents to a range of 15-17 cents.
The stock repurchase program replaces a previous $200-million stock repurchase program announced by the company that was set to expire Sept. 30, under which approximately $148.6 million in shares were repurchased as of Wednesday.
Viavi shares were trading higher by 1% at $15 in Thursday's premarket session. The stock has a 52-week high of $15 and a 52-week low of $9.17.
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Photo courtesy of Viavi.
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