Press release
Lumentum Announces Fiscal Third Quarter 2021 Financial Results
- Net revenue of $419.5 million; deferred $14.8 million due to delays of 5G deployments in China - GAAP gross margin of 44.1%; Non-GAAP gross margin of 49.9%
About this update from Lumentum Holdings Inc.
[{"type":"text","content":"- Net revenue of $419.5 million; deferred $14.8 million due to delays of 5G deployments in China\n - GAAP gross margin of 44.1%; Non-GAAP gross margin of 49.9%\n - GAAP operating margin of 63.6%; Non-GAAP operating margin of 27.9%\n - GAAP diluted net income per share of $2.85; Non-GAAP diluted net income per share of $1.40\n\n\nSAN JOSE, Calif., May 12, 2021 /PRNewswire/ -- Lumentum Holdings Inc. (\"Lumentum\" or the \"Company\") today reported results for its fiscal third quarter ended April 3, 2021, which was a 14-week period.\nNet revenue for the fiscal third quarter of 2021, which was reduced by $14.8 million that was deferred, was $419.5 million, with GAAP net income of $225.5 million, or $2.85 per diluted share. Net revenue for the fiscal second quarter of 2021 was $478.8 million, with GAAP net income of $83.2 million, or $1.06 per diluted share. Net revenue for the fiscal third quarter of 2020 was $402.8 million, with GAAP net income of $43.4 million, or $0.56 per diluted share. \nNon-GAAP net income for the fiscal third quarter of 2021 was $110.6 million, or $1.40 per diluted share. Non-GAAP net income for the fiscal second quarter of 2021 was $155.7 million, or $1.99 per diluted share. Non-GAAP net income for the fiscal third quarter of 2020 was $98.0 million, or $1.26 per diluted share.\nThe Company held $2,054.6 million in total cash, cash equivalents, and short-term investments at the end of the fiscal third quarter of 2021, up $354.3 million compared to the end of the fiscal second quarter of 2021.\n\"The strong year on year margin improvements in our third quarter results highlight a product portfolio increasingly rich in new and differentiated products that are aligned with multi-year favorable market trends and the impact of continuous improvement in our operations,\" said Alan Lowe, President and CEO. \"Out of an abundance of caution, we deferred $14.8 million of revenue due to delays in 5G deployments in China, which decreased our reported revenue accordingly. Despite the lower revenue, due to the strength of our financial model we achieved approximately 50% non-GAAP gross margin, and strong non-GAAP operating margin and EPS, both of which were within our guidance ranges. Between our product and technology portfolio, our design-wins with market leading customers, and the positive changes in our business model ...