Lumentum reports record revenue of $265 million

8th February 2017
Growth in new product revenue drove operating margin to record high

Lumentum, a maker of optical and photonic products for networking and laser applications, has reported results for Q2 2017 (ended December 31, 2016), with net revenue of $265.0 million and GAAP net income of $11.8 million or $0.19 per diluted share.

"We achieved record revenue of $265.0 million, growing 21 percent year over year," said Alan Lowe, president and CEO. "Strong growth in new product revenue, particularly 100G Datacom, which was up 124 percent sequentially and more than 500 percent year over year, drove operating margin to a new record high of 14.7 percent."

In comparison, net revenue for the previous quarter Q1 2017 was $258.1 million, with GAAP net loss of $(3.4) million, or $(0.06) per diluted share. Net revenue for Q2 2016 was $218.3 million, with GAAP net income of $2.8 million, or $0.05 per diluted share.

Non-GAAP net income for Q2 2017 was $35.9 million or $0.57 per diluted share. Non-GAAP net income for Q1 2017 was $30.7 million, or $0.49 per diluted share. Non-GAAP net income for Q2 2016 was $19.1 million, or $0.31 per diluted share. The company held $155.9 million in total cash at the end of Q2 2017 and remains debt-free.

Business Outlook

For Q3 2017, the company expects net revenue to be in the range of $250 million to $265 million, non-GAAP operating margin to be 12.5 percent to 14.0 percent, and non-GAAP diluted earnings per share to be $0.46 to $0.54 per share, based on approximately 63.0 million shares outstanding on a fully diluted basis.

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