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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.
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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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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.