Lumentum Shares Drop On Street-Missing Q1 EPS Forecast; Beats On Q4

Lumentum Holdings Inc (NASDAQ: LITE) reported fourth-quarter FY22 revenue of $422.1 million, up 7.7% year-on-year, beating the consensus of $417.2 million.
Optical Communications revenue rose 4.4% Y/Y to $370.9 million, and Lasers revenue rose 38.8% Y/Y to $51.2 million.
Margins: The non-GAAP gross margin expanded 270 bps to 50.4%. The non-GAAP operating margin increased 420 bps to 28.8%.
Adjusted EPS of $1.47 beat the consensus of $1.33.
Lumentum held $2.6 billion in cash and equivalents.
CEO Alan Lowe said, "Our guidance for the first quarter and outlook for fiscal 2023 reflects the previously discussed share normalization in 3D sensing for smartphones. As we close a solid year and position the company for growth with these investments, we expect that the business fundamentals will drive a mix shift toward our Telecom, Datacom, and Commercial Lasers businesses, supporting double-digit revenue growth in fiscal 2023 and beyond."
Outlook: Lumentum sees Q1 FY23 revenue of $490 million - $520 million, versus the consensus of $491.8 million.
Lumentum sees an adjusted EPS of $1.45 - $1.70, below the consensus of $1.83.
Price Action: LITE shares traded lower by 2.85% at $93.45 in the premarket on the last check Tuesday.

Earnings Calendar