Lumentum reported its fiscal fourth-quarter and full-year 2024 financial results, revealing mixed performance amidst challenging market conditions.
Fiscal Fourth Quarter 2024 Highlights
- Net Revenue: $308.3 million, a 15.9% decline from the previous quarter. GAAP Operating Loss: 43.3% of revenue, reflecting deepening losses.
- Non-GAAP Operating Margin: Narrowed to -0.3%, compared to 4.1% in the prior quarter.
- GAAP Net Loss: $252.5 million, translating to a loss of $3.72 per share.
- Non-GAAP Net Income: $4.0 million, or $0.06 per share.
Full Fiscal Year 2024 Highlights:
- Net Revenue: $1.36 billion, down 23.1% year-over-year.
- GAAP Operating Loss: 31.9% of revenue, indicating significant financial strain.
- Non-GAAP Operating Margin: 2.8%, a sharp decrease from 19.2% in fiscal 2023.
- GAAP Net Loss: $546.5 million, or $8.12 per share. Non-GAAP Net Income: $68.7 million, or $1.01 per share.
“We exceeded our guidance midpoints for both revenue and EPS in the fourth quarter. We booked record orders for datacom chips used in data center applications and saw emerging positive trends in the broader traditional networking market,” said Alan Lowe, President and CEO. “We are making significant progress executing our strategy to broaden our cloud and AI customer base, which will lead to accelerated growth in calendar year 2025.”
Market Segment Performance
- Cloud & Networking: Revenue of $254.7 million in Q4, an 18.8% decline from Q3.
- Industrial Technology: Revenue of $53.6 million in Q4, marking a slight 1.7% increase from Q3 but a 36.4% year-over-year decline.
- For the first quarter of fiscal 2025, Lumentum projects net revenue between $315 million and $335 million, with a non-GAAP operating margin ranging from 0% to 3.0%, and non-GAAP EPS between $0.07 and $0.17.