Lumentum reports Q1 EPS $1.10, consensus $1.03

Reports Q1 revenue $533.8M, consensus $524.5M. “In our fiscal first quarter, we saw year-over-year revenue growth of 58 percent and operating margin expansion of over 1,500 basis points on a non-GAAP basis. Revenue, operating margin, and earnings per share all came in at the high end of our guidance ranges,” said Michael Hurlston, Lumentum (LITE) President and CEO. “Our first-quarter results and forward guidance underscore our strong momentum across data center, data center interconnect, and long-haul markets. Our guidance indicates we expect more than 20 percent sequential revenue growth, even before meaningful contributions from two of our next major growth engines-optical circuit switches and co-packaged optics. Our third driver, cloud transceivers, is expected to grow in our second quarter and should now be on a sustainable upward path. With our broad optical portfolio, we are well positioned to support the rapid expansion of AI compute.”