Lumentum Holdings Inc (NASDAQ:LITE) reported better-than-expected second-quarter financial results and issued third-quarter guidance above estimates on Tuesday.
Lumentum reported quarterly earnings of $1.67 per share which beat the analyst consensus estimate of $1.40 per share. The company reported quarterly sales of $665.500 million which beat the analyst consensus estimate of $646.677 million.
Lumentum said it sees third-quarter adjusted EPS of $2.15-$2.35 versus market estimates of $1.55. The company expects sales of $780.000 million-$830.000 million versus estimates of $695.713 million.
“Lumentum delivered a standout second quarter, with over 65 percent year-over-year revenue growth and non-GAAP operating margin expansion above 1,700 basis points,” said President and CEO Michael Hurlston. “Revenue hit the high end of our guidance range, while profitability and EPS expanded well beyond prior guidance, demonstrating the leverage of our business model.”
Lumentum shares gained 11.7% to $486.51 in pre-market trading.
These analysts made changes to their price targets on Lumentum following earnings announcement.
- Needham analyst Ryan Koontz maintained Lumentum with a Buy and raised the price target from $470 to $550.
- Stifel analyst Ruben Roy maintained the stock with a Buy and raised the price target from $400 to $480.
- B of A Securities analyst Vivek Arya maintained Lumentum with a Neutral and raised the price target from $375 to $520.
- Mizuho analyst Vijay Rakesh maintained the stock with an Outperform rating and raised the price target from $455 to $525.
Considering buying LITE stock? Here’s what analysts think:
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