HomeCompaniesLumentum Holdings Inc. (LITE) Stock Drops Despite Promising Fiscal Q3 2021 Financial...

Lumentum Holdings Inc. (LITE) Stock Drops Despite Promising Fiscal Q3 2021 Financial Reports

Lumentum Holdings Inc. (LITE) stock prices were down by a significant 16.42% shortly after market trading commenced, bringing the price per share down to USD$68.65 early in the trading day.

Comparative Revenue Reports


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free

Sponsored


The company reported net revenue for the third fiscal quarter of 2021 in the amount of USD$419.5 million, which did not include USD$14.8 million which had been deferred. Q3 2021 saw a GAAP net income of USD$225.5 million, representing USD$2.85 per diluted share. These numbers are comparable to the USD$478.8 million in net revenue reported for the prior quarter of 2021, with a GAAP net income of 83.2 million, or USD$1.06 per diluted share. Net revenue for the third fiscal quarter of the prior year was USD$402.8 million, with a GAAP net income of USD$43.4 million, or USD$0.56 per diluted share.

Non-GAAP Financials

Non-GAAP net income for Q3 2021 was reported at USD$110.6 million, or USD$1.40 per diluted share. This is comparable to the non-GAAP net income of USD$155.7 million for the fiscal second quarter of 2021, coming out to USD$1.99 per diluted share. The third fiscal quarter of the previous year saw LITE reporting non-GAAP net income of USD$98 million, or USD$1.26 per diluted share.

Solid Liquidity Position

LITE reported a very strong liquidity position at the end of its 14-week third fiscal quarter of 2021. The company disclosed total cash, cash equivalents, and short-term investments amounting to USD$2054.6 million at the end of the fiscal third quarter of 2021. This is a significant USD$354.3 million reported at the end of the second fiscal quarter of 2021.

Share Buyback Program

Signaling confidence in the company’s long-term outlook, and as a result of a cash balance that’s increased by USD$600 million over the previous 12 months, the LITE Board of Directors approved a share buyback program. The program will see the reacquisition of USD$700 million worth of shares over the course of the next 2 years.

Future Outlook for LITE

LITE is pleased to announce that its financial reports are within its guidance ranges, indicating strong growth and efficient profitability. With the display of adequate foresight in the deferral of revenues, the company is poised to leverage its resources to usher in significant and sustained increases in shareholder value.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Must Read

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

SPECIAL GIFT

WE HAVE A GIFT FOR YOU

Download Free eBook For

7 GROWTH STOCKS FOR 2021

100% free. stop anytime no spam