Lumentum Posts Wider-Than-Expected 4Q Loss On Inventory Corrections

By Ben Glickman

Lumentum Holdings posted a wider-than-expected loss in the fiscal fourth quarter as the company’s customers continued to process inventory.

The San Jose, Calif.-based optical telecommunications products maker said it posted a loss of $60.2 million, or 88 cents a share, in the three months ended July 1, compared with a profit of $34.7 million, or 49 cents a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 41 cents.

Stripping out certain one-time items, adjusted per-share earnings came to 59 cents, ahead of the 56 cents forecast by analysts, according to FactSet.

Revenue fell to $370.8 million from $422.1 million a year earlier, beating the $366.2 million expected by analysts polled by FactSet.

Chief Executive Alan Lowe said that Lumentum expects the customer inventory correction cycle to continue until the end of the calendar year, causing shipments to be below end-market demand.

Write to Ben Glickman at [email protected]

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