Lumentum Announces Preliminary Financial Results and Reporting Date for Fiscal Third Quarter 2023, and Increased Share Repurchase Program
05 Avril 2023 - 11:00PM
Business Wire
Lumentum Holdings Inc. ("Lumentum") today announced selected
unaudited preliminary financial results for its fiscal third
quarter ended April 1, 2023. All information in this press release
is approximate due to the preliminary nature of the announcement
and is subject to normal quarter-end accounting review.
“Late in our fiscal 2023 third quarter, a network equipment
manufacturer who represented more than 10 percent of our fiscal
second quarter revenue informed us that due to their inventory
management, they would not take the shipments we had originally
projected for the quarter,” said Alan Lowe, Lumentum President and
CEO. “This shortfall is the primary reason that our fiscal 2023
third quarter revenue will be below the low end of our prior
guidance range. Looking ahead, we expect a similar level of
shipments to this customer in our fiscal Q4, as we saw in Q3.
Nevertheless, our customer relationship remains strong, and we
continue to work together closely to help them achieve
success.”
Mr. Lowe continued, “We have confidence in our long-term
strategy and operating model, and today we are announcing an
increase in our share repurchase program.”
For the fiscal third quarter 2023, revenue is now expected to be
in the range of $380 to $384 million, compared to the company’s
previous expectation of $430 to $460 million.
Lumentum’s board of directors recently approved an increase in
our share repurchase program authorization to an aggregate amount
of $1.2 billion and extended its duration through May 2025.
Lumentum’s previously announced authorization was $1 billion
through May 2024. As of April 1, 2023, Lumentum had used $615.5
million to repurchase 7.4 million shares. Lumentum expects to fund
the repurchases under the extended share repurchase program out of
its existing cash balance.
These preliminary results for the fiscal third quarter of 2023
are preliminary based on information available to management as of
the date of this release, and are subject to further change upon
completion of standard quarter-end closing procedures. These
results do not present all necessary information for an
understanding of Lumentum’s financial condition as of the date of
this release, or its results of operations for the third quarter of
2023. As Lumentum completes its quarter-end financial close process
and finalizes its financial statements for the quarter, it will be
required to make judgments in a number of areas. It is possible
that Lumentum may identify items that require it to adjust the
preliminary financial information set forth above and those
adjustments could be material. Lumentum does not intend to update
any financial information prior to release of its final third
quarter financial statement information.
Lumentum Q3 Earnings and Conference Call Information
The company will release its fiscal third quarter 2023 financial
results on Tuesday, May 9, 2023, before the market opens. Lumentum
will hold a conference call the same day at 5:30 a.m. PT/8:30 a.m.
ET. A live webcast of the call and the replay will be available in
the Investors section of the Lumentum website at
http://investor.lumentum.com.
To participate via telephone: Dial-In: (833) 470-1428 or (404)
975-4839 Access Code: 439858
The Company recommends participants dial in at least 10 minutes
before the scheduled start to minimize potential delays in joining
the call. Lumentum also encourages those who plan to dial into the
conference call to pre-register: pre-registration link. Callers who
pre-register will be given a unique dial-in number and PIN via
email to gain immediate access to the call.
To listen to a replay via telephone: Dial-In: (866) 813-9403 or
(929) 458-6194 Access Code: 850715 Start Date: May 9, 2023, 8:30
a.m. PT End Date: May 16, 2023, 9 p.m. PT
The earnings press release will be posted at
http://investor.lumentum.com under the "Financial News Releases"
section. Additional materials supporting the conference call and
earnings release will be posted under the "Events and
Presentations" section.
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 and follow Lumentum on LinkedIn, Twitter,
Facebook, Instagram, and YouTube.
Forward-Looking Statements
This press release contains 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. These include
statements regarding our expectations regarding our customer
shipments and its impact on our revenue in the third and fourth
quarter of fiscal 2023 and our projected revenue for the third
quarter of fiscal 2023, statements regarding our repurchase program
and statements regarding our long-term operating model and
strategy. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected. Among the factors that could cause actual
results to differ from those contemplated are: (a) uncertainty and
volatility in the global markets, including uncertainty and
volatility in the macroeconomic environment, volatility and
uncertainty in banking and financial services sectors, inflationary
pressures, changes in the political or economic environment, such
as geopolitical conflicts, war, trade and export restrictions and
the imposition of tariffs or other duties, and the effect of such
market disruptions on demand for our products and our ability to
obtain components for our products; (b) quarter-over-quarter
product mix fluctuations, which can materially impact profitability
measures due to the broad gross margin ranges across our portfolio;
(c) decline of average selling prices across our businesses or
increase in costs, including due to supply chain issues or rising
prices, either of which will also decrease our margins; (d) effects
of seasonality; (e) the ability of our suppliers and contract
manufacturers to meet production, quality, and delivery
requirements for our forecasted demand and the effect of ongoing
supply chain constraints, particularly in semiconductors; (f)
changes in customer demand; (g) our ability to attract and retain
new customers, particularly in the imaging and sensing market; and
(h) the risk that Lumentum’s financing, investment or operating
strategies will not be successful. For more information on these
risks, please refer to the "Risk Factors" section included in the
Company’s Quarterly Report on Form 10-Q for the quarter ended
December 31, 2022 filed with the Securities and Exchange
Commission. In addition, the results contained in this presentation
are valid only as of today’s date except where otherwise noted. The
forward-looking statements contained in this presentation are made
as of the date hereof and the Company assumes no obligation to
update such statements, except as required by applicable law.
Category: Financial
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version on businesswire.com: https://www.businesswire.com/news/home/20230405005720/en/
Investors: Kathy Ta, 408-750-3853;
investor.relations@lumentum.com Media: Christina Itzkowitz,
781-929-0565; media@lumentum.com
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