Lumentum Q1 exceeds guidance
Company reports robust demand from telecom and industrial lasers customers
Lumentum has reported results for its fiscal first quarter ended October 1, 2022.
Net revenue for Q1 2023 was $506.8 million, with GAAP net loss of $0.4 million, or $0.01 loss per diluted share. Net revenue for Q4 2022 was $422.1 million, with GAAP net income of $34.7 million, or $0.49 per diluted share. Net revenue for Q1 was $448.4 million, with GAAP net income of $81.5 million, or $1.08 per diluted share.
Non-GAAP net income for Q1 2023 was $119.2 million, or $1.69 per diluted share. Non-GAAP net income for Q42022 was $105.0 million, or $1.47 per diluted share. Non-GAAP net income for Q1 was $135.1 million, or $1.79 per diluted share.
"Solid execution drove first quarter revenue above the midpoint of our guidance, earnings per share to the high end of our range, and operating margin above guidance," said Alan Lowe, president and CEO. "Demand is robust from our telecom and industrial lasers customers. Looking forward, and consistent with industry trends, supply of specific IC components has not materialised as quickly as expected, and we now expect these shortages to continue into our 2024. Also, our near-term datacom and 3D sensing outlook is lower than our prior projections."
Lowe added, "The closing of our two announced acquisitions in the first quarter position us to accelerate long-term technology trends in advanced networking hardware and adjacent markets, and expand our share in the growing telecom infrastructure market. Since closing these acquisitions, we have even higher confidence in accomplishing our goals. We look forward to sharing more on our progress in the coming quarters."
Lumentum expects the following for Q2 202: Net revenue in the range of $490 million to $520 million; non-GAAP operating margin of 20 percent to 22 percent; and non-GAAP diluted earnings per share of $1.20 to $1.45.