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Lumentum Holdings Inc. (NASDAQ: LITE) is a leading manufacturer of innovative optical and photonic products, catering to both optical networking and commercial laser customers globally. Headquartered in Milpitas, California, with R&D, manufacturing, and sales offices worldwide, Lumentum is at the forefront of the technology sector.
Lumentum's business is divided into two key segments: Optical Communications (OpComms) and Commercial Lasers. The OpComms segment is responsible for the majority of the company's revenue, offering a wide array of components, modules, and subsystems that are essential for telecom, enterprise, and data center networks. These products support carrier networks for access, metro, long-haul, and submarine applications.
In the Commercial Lasers segment, Lumentum's innovative lasers are used in advanced manufacturing, inspection processes, and life-science labs. The company's commercial lasers are also pivotal in the development of next-generation 3D sensing capabilities, enhancing consumer electronics and various industrial applications.
Lumentum has recently been expanding into new optical applications, notably with its 3-D sensing laser diodes for consumer electronics. Its commitment to innovation and quality has positioned it as a market leader, providing critical technology that supports the infrastructure of modern communication and advanced manufacturing.
For more detailed information on Lumentum Holdings Inc. and the latest updates, visit their official website at www.lumentum.com.
Lumentum Holdings has appointed Grace Lee as Senior Vice President and Chief Human Resources Officer, succeeding Sharon Parker, who is retiring after over 40 years with the company. Lee will lead global people strategy, talent acquisition, and diversity initiatives, leveraging over 25 years of experience across various high-tech sectors. CEO Alan Lowe expressed enthusiasm for Lee's appointment, highlighting her recognized leadership and commitment to creating an inclusive workplace. Lee previously held top HR roles at Cubic Corporation and other companies, earning accolades for her work in diversity and workplace culture.
Lumentum reported strong fiscal 2021 results, marking it as the best year to date, with record revenues of $1,742.8 million and a GAAP net income of $397.3 million or $5.07 per diluted share. The Q4 net revenue was $392.1 million, driven by Optical Communications, despite a quarter-over-quarter decline of 6.5%. The company experienced an outlook challenge for Q1 2022, estimating revenue to decrease by over $30 million due to semiconductor shortages. Additionally, 3.1 million shares were repurchased, showing confidence in long-term performance.
Lumentum Holdings Inc. will release its fiscal fourth quarter and fiscal year 2021 financial results on August 18, 2021, before the market opens. The conference call will occur the same day at 5:30 a.m. PT (8:30 a.m. ET), with a live webcast available. Participants are encouraged to pre-register to minimize delays. The earnings release will be accessible in the Investors section of Lumentum's website, along with supporting materials.
Lumentum Holdings Inc. announced its collaboration with Ericsson, Nokia, and other industry players on a technical paper regarding Mobile Optical Pluggables (MOPA). This initiative aims to establish common optical requirements essential for 5G transport networks, addressing challenges faced by operators and system vendors. The paper introduces Mobile Optical Blueprints that detail network solutions and high-level optical requirements. Lumentum highlights its leadership in developing full-band tunable transceivers, positioning itself to meet the evolving demands of 5G networks.
Lumentum Holdings Inc. has appointed Isaac Harris, VP of Global Supply Chain Operations at ZT Systems, to its Board of Directors, expanding the board to eight members, with seven being independent. Harris brings extensive experience in global operations and supply chain management from leading companies like Cisco and HP. His appointment aligns with Lumentum's commitment to operational excellence and sustainable practices. Lumentum, a designer of optical and photonic products, aims to enhance customer satisfaction and reduce environmental impact under Harris's influence.
Lumentum Holdings announced its participation in the Optical Fiber Communication Conference from June 7 to 11, 2021. The company will showcase innovations in telecom, 5G, cable, and data center networks, featuring products like high-performance 400G CFP2-DCO coherent transmission modules and 100G PAM4 DML lasers. These advancements focus on improving data center interconnects and enhancing capabilities for next-generation networks. Lumentum's TrueFlex solutions will also be highlighted, catering to the needs of modern optical networks.
Lumentum Holdings reported fiscal Q3 2021 results, with net revenue of $419.5 million, a 12.4% decrease from the prior quarter but a 4.1% increase year-over-year. GAAP net income was $225.5 million or $2.85 per diluted share. The company highlighted a cash balance of $2,054.6 million, up $354.3 million quarter-over-quarter. Despite deferring $14.8 million in revenue due to 5G deployment delays in China, Lumentum's gross margin improved by 490bps year-over-year. For Q4, guidance estimates net revenue between $360 million to $400 million.
Lumentum Holdings announced its participation in several upcoming virtual investor events. Key events include the J.P. Morgan 49th Annual Global Technology, Media and Communications Conference on May 25, 2021, and the Craig Hallum 18th Annual Institutional Investor Conference on June 2, 2021. Each event provides a platform for management to engage with investors. A webcast of each presentation will be available on Lumentum's investor relations website. Lumentum is a leader in optical technologies, traded on NASDAQ under the symbol LITE.
Lumentum Holdings will announce its fiscal third quarter 2021 financial results on May 12, 2021, before market opening. The results pertain to the period ended April 3, 2021. A conference call is scheduled for the same day at 5:30 a.m. PT / 8:30 a.m. ET, and will be accessible via webcast on the company's investor site. A replay will be available from May 12 to May 19, 2021. Lumentum specializes in optical and photonic products for telecom and manufacturing applications, reinforcing its position in the market.
Coherent, Inc. has accepted an acquisition proposal from II-VI Incorporated, deemed a "Company Superior Proposal" over Lumentum Holdings. Coherent's board evaluated both proposals and opted to terminate the merger agreement with Lumentum, incurring a $217.6 million termination fee. Under the new agreement with II-VI, each Coherent share will convert to $220 in cash and 0.91 shares of II-VI stock. The deal awaits stockholder and regulatory approval, with closing expected in Q4 2021.
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