Shares of Lumentum Holdings Inc. LITE, +2.37% jumped 1.7% in premarket trading Wednesday, after the optical networking company swung to a fiscal fourth-quarter profit and reported revenue that rose above expectations, while providing an upbeat outlook. Net income for the quarter to July 3 was $21.5 million, or 28 cents a share, after a loss of $4.6 million, or 6 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share, using the “new method” of calculations was $1.06, or $1.15 using the “old method.” The FactSet EPS consensus was $1.06. Revenue grew 6.5% to $392.1 million, above the FactSet consensus of $382.2 million, while cost of sales slipped 1.8%. For the first quarter, the company expects adjusted EPS of $1.47 to $1.61, above the FactSet consensus of $1.45, and expects revenue of $430 million to $445 million, surrounding the FactSet consensus of $438 million. “While demand continues to grow into the first quarter, shortages of critical semiconductor components are negatively impacting our first quarter revenue outlook by more than $30 million,” said Chief Executive Alan Lowe. The stock has dropped 15.4% year to date through Tuesday, while the S&P 500 SPX, -0.71% has gained 18.4%.
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