Lumentum Beats With $4.57 EPS as Revenue Jumps 136.5% to $1.26B
LITE has more than doubled off its 52-week low of $184.2 on elevated volume (3.0× avg).
Summary
Lumentum posted adjusted EPS of $4.57 for the September quarter, well above the $4.19 consensus and more than four times the $1.10 reported a year earlier. Revenue rose 136.5% to $1.26 billion, edging past the $1.25 billion analysts expected, with GAAP EPS of $3.54 and net income of $360.3 million. The beat extends a run of four straight quarters above estimates, and it lands just as the company agreed to be acquired by Marvell in an all-stock deal exchanging each LITE share for 4.500 MRVL shares. With the takeover terms fixed, the print matters less for standalone valuation than as confirmation of the demand backdrop the acquirer is paying for.
At the time of this announcement, LITE was trading at $686.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $62B. The 52-week trading range was $184.20 to $1,143.00. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.