SAN JOSE, Calif., March 3, 2022 /PRNewswire/ -- Lumentum
Holdings Inc. ("Lumentum") (NASDAQ: LITE) today announced that its
Board of Directors has authorized an increase of its share
repurchase program to $1 billion
which is currently underway and will now expire in May 2024. This supersedes the previous share
repurchase program of $700 million
over two years that was announced in May
2021.
"Given our favorable growth outlook with expected double-digit
revenue growth over the coming years, and our strong financial
profile, we believe that this buyback program will enhance our
shareholder value," said Alan Lowe,
President and CEO.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including
statements regarding Lumentum's repurchase plans, including timing
of such repurchases, Lumentum's outlook on its industry and
projected growth. Forward looking statements may also be identified
by the use of the words "may," "might," "will," "should,"
"estimate," "project," "plan," "anticipate," "expect," "intend,"
"outlook," "believe" and other similar expressions. These
forward-looking statements are based on estimates and assumptions
by Lumentum's management that, although believed to be reasonable,
are inherently uncertain and subject to a number of risks. Actual
results may differ materially from those anticipated or predicted
by Lumentum's forward-looking statements as a result of various
important factors, including, but not limited to, the terms of the
notes and the offering, the risks and uncertainties related to
whether or not Lumentum will consummate the offering, and the
impact of general economic, industry, market or political
conditions. In addition, all forward-looking statements are subject
to other risks detailed in our Quarterly Report on
Form 10-Q for the quarter ended January 1, 2022 and the risks discussed in our
other filings with the Securities and Exchange Commission. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and we undertake no obligation to revise or
update this news release to reflect events or circumstances after
the date hereof, except as required by applicable law.
About Lumentum
Lumentum (NASDAQ: LITE) is a market-leading designer and
manufacturer of innovative optical and photonic products enabling
optical networking and laser applications worldwide. Lumentum
optical components and subsystems are part of virtually every type
of telecom, enterprise, and data center network. Lumentum lasers
enable advanced manufacturing techniques and diverse applications
including next-generation 3D sensing capabilities. Lumentum is
headquartered in San Jose,
California with R&D, manufacturing, and sales offices
worldwide. For more information, visit www.lumentum.com.
Contacts:
Investors: Kathy
Ta, 408-750-3853;
investor.relations@lumentum.com
Media: Sean Ogarrio,
408-546-5405; media@lumentum.com
Category: Financial
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SOURCE Lumentum