VIAVI Announces $300 Million Common Stock Repurchase Program, Reconfirms Business Outlook and Announces Analyst Day Webcast

Rhea-AI Summary

Viavi Solutions Inc. (NASDAQ: VIAV) announced a new stock repurchase program of up to $300 million, effective October 1, 2022, replacing the previous $200 million program. This initiative allows for share repurchase through various methods and aligns with favorable market conditions. Additionally, VIAVI reconfirmed its guidance for the first fiscal quarter of 2023, estimating revenue between $317 million and $331 million, with a non-GAAP EPS target of $0.22 to $0.24.

Positive

• Authorization of a $300 million stock repurchase program indicates confidence in the company's financial strength.
• Reconfirmation of Q1 2023 revenue guidance between $317 million and $331 million shows stability.
• Non-GAAP EPS guidance of $0.22 to $0.24 signals expected profitability.

Negative

• None.

CHANDLER, Ariz., Sept. 13, 2022 /PRNewswire/ -- (NASDAQ: VIAV) Viavi Solutions Inc. ("VIAVI") announced today that its Board of Directors has authorized a stock repurchase program of up to $300 million of VIAVI's common stock effective October 1, 2022 and will remain in effect until the amount authorized has been fully repurchased or until VIAVI suspends or terminates the program.  This new program replaces the $200 million stock repurchase program that the Board previously authorized in September 2019 and which expires September 30, 2022.  Under the new share repurchase program, the Company is authorized to repurchase shares through a variety of methods, including open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans. The timing of repurchases under the new program will depend upon business and financial market conditions.

Business Outlook

For the first quarter of fiscal 2023 ending October 01, 2022, VIAVI is reconfirming its guidance revenue of $317 million to $331 million, non-GAAP operating margin between 20.7%-22.1%, and non-GAAP earnings per share to be in the range of $0.22 to $0.24.

Analyst Day/Webcast

VIAVI is hosting its Analyst Day event today at 9:00am EDT (6:00am PDT) in Boston, Massachusetts.  The Analyst Day presentation will be made available on VIAVI's website after the event and the live webcast and its archived replay can be viewed at www.viavisolutions.com/investors.  This press release and the Analyst Day presentation are also being furnished in a Current Report on Form 8-K with the Securities and Exchange Commission, and will be available at www.sec.gov.

About VIAVI Solutions

VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions for communications service providers, enterprises, network equipment manufacturers, original equipment manufacturers, government and avionics. We help these customers harness the power of instruments, automation, intelligence and virtualization. VIAVI is also a leader in light management solutions for the anti-counterfeiting, consumer electronics, industrial, government and automotive markets. Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn, Twitter, YouTube and Facebook.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements including statements about the amount and timing of repurchases under the Company's share purchase program and the methods to execute such repurchases are based on management's current opinions, expectations, beliefs, plans, objectives, assumptions, or projections regarding future events or results, including, but not limited to, VIAVI's ESG-related commitments, strategies, and initiatives; business plans and strategy; technology, products, and services; opportunities for growth; and stakeholder engagement efforts. These forward-looking statements involve risks and uncertainties that could cause actual results, levels of activity, performance, achievements, and events to differ materially from those stated, anticipated, or implied by such forward-looking statements. For more information on the risks and uncertainties associated with VIAVI please refer to the "Risk Factors" sections of VIAVI's filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements contained in this press release are made as of the date thereof and VIAVI assumes no obligation to update such statements.

Contact Information

Investors:
Sagar Hebbar
408-404-4507
sagar.hebbar@viavisolutions.com

Press: 
Amit Malhotra
202-341-8624
amit.malhotra@viavisolutions.com

 

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SOURCE VIAVI Financials

FAQ

What is the reason behind Viavi's stock repurchase program authorized on September 13, 2022?

Viavi's Board authorized the $300 million stock repurchase program to enhance shareholder value and reflect confidence in the company's financial position.

What is the expected impact of the <b>$300 million</b> stock repurchase program on Viavi's stock price?

Stock repurchase programs can often lead to a higher stock price due to reduced share supply and increased earnings per share.

What is Viavi's revenue guidance for the first quarter of fiscal 2023?

Viavi has reconfirmed its revenue guidance for Q1 2023 to be between $317 million and $331 million.

What are the non-GAAP earnings per share estimates for Viavi in Q1 2023?

The non-GAAP earnings per share estimates for Viavi in Q1 2023 are projected to be between $0.22 and $0.24.