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01.11.2017 13:05
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PR Newswire
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Lumentum Announces Fiscal First Quarter 2018 Results
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PR Newswire
MILPITAS, Calif., Nov. 1, 2017
MILPITAS, Calif., Nov. 1, 2017 /PRNewswire/ -- Lumentum Holdings Inc. ("Lumentum" or the "Company") today reported results for its fiscal first quarter ended September 30, 2017.
Net revenue for the fiscal first quarter of 2018 was $243.2 million, with GAAP net income of $7.1 million, or $0.11 per diluted share. Net revenue for fiscal fourth quarter of 2017 was $222.7 million, with GAAP net loss of $(54.9) million, or $(0.90) per diluted share. Net revenue for the fiscal first quarter of 2017 was $258.1 million, with GAAP net loss of $(3.4) million, or $(0.06) per diluted share.
Non-GAAP net income for the fiscal first quarter of 2018 was $27.8 million or $0.43 per diluted share. Non-GAAP net income for fiscal fourth quarter of 2017 was $25.0 million, or $0.39 per diluted share. Non-GAAP net income for the fiscal first quarter of 2017 was $30.7 million, or $0.49 per diluted share. The Company held $532.5 million in total cash and short-term investments at the end of the fiscal first quarter of 2018.
"Despite first quarter headwinds in the telecom and datacom markets, we returned to solid growth driven by a ramp in our 3D sensing business, which will accelerate significantly in the second quarter," said Alan Lowe, President and CEO. "We continue to make good progress on our strategic initiatives, and our pipeline of new products and design wins position us well in the markets in which we participate."
| Financial Overview – Fiscal First Quarter Ended September 30, 2017 | |||||||||
| | |||||||||
| | GAAP Results ($ in millions) | ||||||||
| | Q1 | | Q4 | | Q1 | | Change | ||
| | FY 2018 | | FY 2017 | | FY 2017 | | Q/Q | | Y/Y |
| Net revenue | $243.2 | | $222.7 | | $258.1 | | 9.2% | | (5.8)% |
| Gross margin | 28.2% | | 30.2% | | 31.7% | | (200)bps | | (350)bps |
| Operating margin | 1.1% | | 1.8% | | 6.5% | | (70)bps | | (540)bps |
| | | | | | | | | | |
| | Non-GAAP Results ($ in millions) | ||||||||
| | Q1 | | Q4 | | Q1 | | Change | ||
| | FY 2018 | | FY 2017 | | FY 2017 | | Q/Q | | Y/Y |
| Net revenue | $243.2 | | $222.7 | | $258.1 | | 9.2% | | (5.8)% |
| Gross margin | 34.0% | | 32.9% | | 34.2% | | 110bps | | (20)bps |
| Operating margin | 11.8% | | 9.2% | | 12.7% | | 260bps | | (90)bps |
| | Net Revenue by Segment ($ in millions) | ||||||||||
| | Q1 | | % of | | Q4 | | Q1 | | Change | ||
| | FY 2018 | | Net Revenue | | FY 2017 | | FY 2017 | | Q/Q | | Y/Y |
| Optical Communications | $207.9 | | 85.5% | | $186.8 | | $218.3 | | 11.3% | | (4.8)% |
| Lasers | 35.3 | | 14.5% | | 35.9 | | 39.8 | | (1.7)% | | (11.3)% |
| Total | $243.2 | | 100.0% | | $222.7 | | $258.1 | | 9.2% | | (5.8)% |
The tables above provide comparisons of quarterly 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."
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