Summary
Lumentum Holdings Inc. (LITE) announced preliminary financial results for its fiscal third quarter ended April 1, 2023, via a press release filed on April 6, 2023. While specific financial figures for the quarter were not detailed in the 8-K filing itself, the accompanying press release (Exhibit 99.1) is the primary source of this preliminary information. Investors should refer to this exhibit for revenue and profitability expectations for the period. In addition to the preliminary financial results, Lumentum also announced a significant increase and extension of its share repurchase program. The authorization for share repurchases has been boosted to an aggregate of $1.2 billion and extended through May 2025. This signals management's confidence in the company's financial health and its commitment to returning capital to shareholders. The company indicated it expects to fund these repurchases from its existing cash balance.
Key Highlights
- 1Lumentum announced preliminary financial results for its fiscal third quarter ended April 1, 2023.
- 2The company announced an increase in its share repurchase program to an aggregate of $1.2 billion.
- 3The share repurchase program has been extended through May 2025.
- 4As of April 1, 2023, Lumentum had already repurchased $615.5 million worth of its common stock.
- 5The company expects to fund share repurchases using its existing cash balance.
- 6The information regarding preliminary financial results was furnished via a press release (Exhibit 99.1).