Apple supplier Lumentum Holdings on Tuesday reported earnings for its fiscal third quarter that topped views, while guidance fell short of Wall Street targets amid the coronavirus lockdown.
The Dow Jones futures, along with S&P; 500 and Nasdaq futures, were higher early Tuesday after the stock market rebound.
Lumentum (LITE) delivered earnings and revenue surprises of 18.87% and -2.55%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Lumentum Holdings Inc. ("Lumentum") today announced that management is scheduled to participate in the upcoming investor events.
Shares of Lumentum Holdings Inc. dropped 3.0% in premarket trading Tuesday, after the optical networking and photonic products company beat fiscal third-quarter profit expectations but missed on revenue and provided a downbeat outlook, as the COVID-19 pandemic limited the ability to supply products to customers. The Apple Inc. supplier said it swung to net income of $43.4 million, or 56 cents a share, from a loss of $74.3 million, or 98 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose to $1.26 from 92 cents, topping the FactSet consensus of $1.05. Revenue fell 7% to $402.8 million, missing the FactSet consensus of $408.5 million. "As the outbreak spread outside of China late in the quarter, we experienced supply disruptions in excess of our prior assumptions," the company said in a statement. For the fourth quarter, the company expects adjusted EPS of 70 cents to 90 cents, below the FactSet consensus of $1.05, and revenue of $325 million to $365 million, below expectations of $411 million. The stock has lost 10.1% over the past three months through Monday, while the S&P 500 has shed 14.8%.
Lumentum Holdings Inc. ("Lumentum") today announced that it will release its fiscal third quarter 2020 financial results for the period ended March 28, 2020, on Tuesday, May 5, 2020, before the market opens.
LITE earnings call for the period ending March 31, 2020.
With earnings on tap for May 5, IBD 50 member Lumentum is currently about 9% under a 93.33 buy point. The current formation is a second-stage consolidation. Buying a stock just ahead of earnings can be risky since you typically don't have enough time to establish a profit cushion before the latest quarterly numbers come out.
Lumentum (LITE) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The Dow Jones Industrial Average lags stronger moves by the Russell 2000 and the Nasdaq; yet it's making a solid rebound off its 50-day moving average.
You can't follow all of this week's reports, but keep an eye on Shopify, PayPal, Apple supplier Lumentum and others near buy points with earnings due.
The number of deaths from COVID-19, the illness caused by the novel coronavirus, rose above 250,000 on Tuesday, amid news reports that internal projections used by White House officials were forecasting a jump in U.S. cases to come, even as President Donald Trump urges states to reopen.
Companies in the news are: LITE, ITW, INCY, PTLA
Goldman Sachs analyst Rod Hall cut ratings on five companies and sounded the alarm about the prospects for consumer-electronics hardware companies.
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Lumentum Holdings Inc. ("Lumentum" or the "Company") today reported results for its fiscal third quarter of 2020 ended March 28, 2020.
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Lumentum Holdings Inc. ("Lumentum") today announced that management is scheduled to participate in the virtual J.P. Morgan Global Technology, Media and Communications Conference.
Q3 2020 Lumentum Holdings Inc Earnings Call