Lumentum Announces Fiscal Fourth Quarter and Full Year 2024 Results
SAN JOSE, Calif.--August 14, 2024--(BUSINESS WIRE)-- Lumentum Holdings Inc. (“Lumentum” or the “Company”) today reported results for its fiscal fourth quarter and full year ended June 29, 2024.
“We exceeded our guidance midpoints for both revenue and EPS in the fourth quarter. We booked record orders for datacom chips used in data center applications and saw emerging positive trends in the broader traditional networking market,” said Alan Lowe, President and CEO. “We are making significant progress executing our strategy to broaden our cloud and AI customer base, which will lead to accelerated growth in calendar year 2025.”
Fiscal Fourth Quarter Highlights:
Net revenue for the fiscal fourth quarter of 2024 was $308.3 million, with GAAP net loss of $252.5 million, or $3.72 per diluted share. Net revenue for the fiscal third quarter of 2024 was $366.5 million, with GAAP net loss of $127.0 million, or $1.88 per diluted share. Net revenue for the fiscal fourth quarter of 2023 was $370.8 million, with GAAP net loss of $60.2 million, or $0.88 per diluted share.
Non-GAAP net income for fiscal fourth quarter of 2024 was $4.0 million, or $0.06 per diluted share . Non-GAAP net income for fiscal third quarter of 2024 was $19.6 million, or $0.29 per diluted share. Non-GAAP net income for the fiscal fourth quarter of 2023 was $40.2 million, or $0.59 per diluted share.
The Company held $887.0 million in total cash, cash equivalents, and short-term investments at the end of the fiscal fourth quarter of 2024, an increase of $16.1 million from the third quarter of 2024.
Full Fiscal Year 2024 Highlights:
Net revenue for fiscal year 2024 was $1,359.2 million, with GAAP net loss of $546.5 million, or $8.12 per diluted share. Net revenue for fiscal year 2023 was $1,767.0 million, with GAAP net loss of $131.6 million, or $1.93 per diluted share.
Non-GAAP net income for fiscal year 2024 was $68.7 million, or $1.01 per diluted share. Non-GAAP net income for fiscal year 2023 was $315.3 million, or $4.56 per diluted share.
Cash from operations for the fiscal year of 2024 was $24.7 million.
The tables above provide comparisons of quarterly and annual results to prior periods, including sequential quarterly and year-over-year changes. A reconciliation between GAAP and non-GAAP measures is contained in this release under the section titled “Use of Non-GAAP Financial Measures.”
Business Outlook
Lumentum expects the following for the fiscal first quarter of 2025:
Net revenue in the range of $315 million to $335 million
Non-GAAP operating margin of 0% - 3.0%
Non-GAAP diluted earnings per share of $0.07 to $0.17
We have not provided reconciliations from GAAP to non-GAAP measures or the equivalent GAAP measure for non-GAAP measures in our outlook, as they cannot be provided without unreasonable effort. A large portion of non-GAAP adjustments, such as restructuring charges, stock-based compensation, non-GAAP income tax reconciling adjustments, acquisition related costs, and other costs and contingencies unrelated to current and future operations are by their nature highly volatile and we have low visibility as to the range that may be incurred in the future.
Conference Call
Lumentum will host a conference call today, August 14, 2024, at 2:30 pm PT / 5:30 pm ET to discuss its fiscal fourth quarter and full year results. A live webcast of the call will be available in the Investors section of the Lumentum website at http://investor.lumentum.com . To listen to the live conference call, dial (833) 470-1428 or (404) 975-4839 and reference the conference ID 819344. Supporting materials outlining the Company’s latest financial results will be posted on http://investor.lumentum.com under the “Events and Presentations” section concurrently with this earnings press release. Lumentum has used, and intends to continue to use, its Investor Relations website as means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. This press release is being furnished as an exhibit to a Current Report on Form 8-K filed with the Securities and Exchange Commission and will be available at http://www.sec.gov/ .
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 imaging and 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, X (formerly known as Twitter), Facebook, Instagram and YouTube.
SOURCE Lumentum
