Lumentum Holdings Inc. (NASDAQ:LITE) reported better-than-expected first-quarter financial results and issued strong second-quarter guidance on Tuesday.
Lumentum reported quarterly earnings of $1.10 per share which beat the analyst consensus estimate of $1.03 per share. The company reported quarterly sales of $533.800 million which beat the analyst consensus estimate of $525.367 million.
Lumentum said it sees second-quarter adjusted EPS of $1.30-$1.50 versus estimates of $1.16. The company expects sales of $630.000 million-$670.000 million, versus projections of $560.159 million.
“In our fiscal first quarter, we saw year-over-year revenue growth of 58 percent and operating margin expansion of over 1,500 basis points on a non-GAAP basis. Revenue, operating margin, and earnings per share all came in at the high end of our guidance ranges,” said Michael Hurlston, Lumentum President and CEO.
Lumentum shares fell 5.6% to close at $188.36 on Tuesday.
These analysts made changes to their price targets on Lumentum following earnings announcement.
- Needham analyst Ryan Koontz maintained Lumentum with a Buy and raised the price target from $180 to $235.
- Rosenblatt analyst Mike Genovese maintained the stock with a Buy and raised the price target from $225 to $280.
Considering buying LITE stock? Here’s what analysts think:
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