Lumentum Q1 revenue slightly beats estimates on pump laser demand
LITE•Lumentum fiscal first-quarter revenue rose 136% year over year to $1.26 billion, slightly above estimates, while adjusted EPS of $4.57 beat estimates. The company forecast second-quarter revenue of $1.575 billion to $1.625 billion and adjusted EPS of $5.90 to $6.20.
1. Quarterly results
Lumentum reported fiscal first-quarter revenue of $1.26 billion, up 136% year over year and slightly above the $1.25 billion analyst estimate. Adjusted EPS was $4.57, compared with an estimate of $4.19; adjusted gross margin was 53.2% and adjusted operating margin was 42.3%.
2. Growth drivers and outlook
The company said pump lasers and optical circuit switches were leading contributors to growth, a major NPO/CPO win included purchase commitments exceeding $5 billion, and strength in cloud modules contributed to improved gross margin. For the second quarter, Lumentum forecast revenue of $1.575 billion to $1.625 billion, non-GAAP operating margin of 45.0% to 46.0%, and non-GAAP diluted EPS of $5.90 to $6.20.
