Michael Hurlston Appointed President and
CEO
Alan Lowe to Retire as President and CEO
Provides Preliminary Fiscal Second Quarter 2025
Results
Lumentum Holdings Inc. (“Lumentum” or the “Company”), a
market-leading designer and manufacturer of innovative optical and
photonic products for cloud/AI, networking, and industrial
applications, today announced that Michael Hurlston has been
appointed President and Chief Executive Officer and as a Director
of the Company, effective February 7. Hurlston succeeds Alan Lowe,
who has served as the Company’s President and CEO since 2015. Lowe
will continue to serve on Lumentum’s Board of Directors and as an
advisor to the Company.
Hurlston is a proven technology executive with over 30 years of
senior leadership experience within the industry. He joins Lumentum
from Synaptics, Inc., a worldwide pioneer and leader in human
interface hardware and software, where he has served as President
and CEO and a member of its board of directors since joining the
company in 2019. Prior to Synaptics, Hurlston served as CEO and a
member of the board of Finisar Corporation, which was a leading
optical communications company. He also served as Executive Vice
President, Worldwide Sales and in a variety of management roles at
Broadcom Limited during his 17 years with Broadcom and its
predecessor corporation.
“We are delighted to welcome Michael as Lumentum’s CEO as we
exit a strong first half of our fiscal year,” said Penny Herscher,
Chair of Lumentum's Board of Directors. “We are confident he will
help us continue and grow our current strong momentum in our
cloud/AI data center strategy and build upon our success in the
networking and industrial markets – contributing to an accelerated
multiyear growth trajectory. Michael’s global experience, with his
combined background in semiconductors and the optical
communications industry, and his proven ability to lead through
sustained periods of profitable growth, makes him uniquely
qualified to lead our company in this specialized segment of the
industry, and will enable Lumentum to capitalize on the rapidly
evolving global photonics opportunity.”
Herscher continued, “On behalf of the Board, I’d like to thank
Alan for his unwavering commitment and visionary leadership for the
last decade. He has driven strong execution against our long-term
growth strategy and positioned us well within the cloud and AI
photonics market. We are pleased that he will continue to serve
Lumentum as a Director to effect a smooth transition, and look
forward to continuing to benefit from his expertise and
insights.”
Lowe said, “Leading the talented Lumentum team for the past 18
years – first at our predecessor company and then over the last
decade as a standalone public company – has been both a privilege
and a joy. In that time, our business has undergone tremendous
transformation and growth in both existing and new markets. We have
intensely focused on serving our customers, invested in
market-leading innovation, and entered new markets, and are now on
a clear growth trajectory. We have much to be proud of, but as
importantly, much to be excited about as we look ahead. I look
forward to passing the baton to and supporting Michael in his
transition to our new CEO.”
Hurlston said, “I’m honored to join Lumentum at this meaningful
time in its evolution. The Company’s highly differentiated
portfolio of foundational photonic technologies and
strategically-located manufacturing capabilities coupled with
positive demand trends point to the significant opportunities
ahead. I’m eager to get to know and work closely with the
leadership team to deliver increasing value for shareholders,
customers and partners as we continue to enable high-speed,
data-intensive connectivity within AI data centers and across
global communications networks while driving innovation in the
manufacturing and industrial landscape.”
Preliminary Fiscal Second Quarter 2025 Results
Lumentum today provided preliminary results for the fiscal
second quarter 2025. The Company expects net revenue to be
approximately $402 million and non-GAAP diluted earnings per share
to be in the range of $0.40 to $0.42. These preliminary results are
at the high end of, or above, the Company’s prior financial
guidance of net revenue in the range of $380 million to $400
million and non-GAAP diluted earnings per share in the range of
$0.30 to $0.40.
As previously announced, the Company will report its financial
results and will host its earnings call for the fiscal second
quarter 2025 after the market closes on February 6, 2025.
The conference call will be held at 2:00 p.m. PT / 5:00 p.m. ET.
A live webcast of the call will be available in the Investors
section of the Lumentum website at
http://investor.lumentum.com.
These preliminary unaudited financial results are based on
preliminary unaudited information and management's estimates, and
are inherently uncertain and subject to revision in connection with
the Company's financial closing procedures and finalization of the
Company’s financial statements for its fiscal second quarter 2025.
Actual results for the fiscal second quarter 2025 may differ
materially from these preliminary unaudited financial results.
About Michael Hurlston
Michael Hurlston is a proven technology industry executive. He
has served as President and Chief Executive Officer and a member of
the Board of Directors of Synaptics Inc. since August 2019. From
January 2018 to August 2019, Hurlston served as the Chief Executive
Officer and a member of the Board of Directors of Finisar
Corporation, where he oversaw the company’s agreement to be
acquired by II-VI. Before joining Finisar, from November 2001
through October 2017, he served in a variety of senior leadership
positions at Broadcom Limited and its predecessor corporation
across the sales, marketing and general management functions,
including serving as its Senior Vice President and General Manager
of the Mobile Connectivity Products/Wireless Communications and
Connectivity Division. Prior to joining Broadcom, Hurlston held
senior marketing and engineering positions at Oren Semiconductor,
Inc., Avasem, Integrated Circuit Systems, Micro Power Systems, Exar
and IC Works from 1991 to 2001.
Hurlston has served as a member of the Board of Directors and
the Audit Committee of Flextronics International, Ltd. since
September 2020. From August 2016 to August 2021, Hurlston was a
member of the Board of Directors and the Compensation, Audit and
Nominating and Governance Committees of Ubiquiti Networks, Inc. He
sits on the Board of Executive Trustees of the UC Davis Foundation,
the Dean’s Executive Committee for the College of Engineering and
the Dean’s Advisory Counsel for the Graduate School of Management
at the University of California, Davis. Hurlston holds Bachelor of
Science and Master of Science degrees in Electrical Engineering and
a Master of Business Administration from the University of
California, Davis.
About Lumentum
Lumentum (NASDAQ: LITE) is a market-leading designer and
manufacturer of innovative optical and photonic products enabling
cloud, optical networking, and laser applications worldwide.
Lumentum optical components and subsystems are part of virtually
every type of data center, telecom, and enterprise network.
Lumentum lasers enable advanced manufacturing techniques and
diverse applications including next-generation 3D sensing
capabilities. Lumentum is headquartered in San Jose, California
with R&D, manufacturing, and sales offices worldwide. For more
information, visit www.lumentum.com and follow Lumentum on
LinkedIn, Twitter, Facebook, Instagram, and YouTube.
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 include
statements regarding our belief and expectations with respect to
our markets, including the cloud end market and the broader
networking market, customers and industry, our strategy and growth
trajectory, our market opportunity, and our preliminary financial
results for the second quarter of fiscal 2025. These
forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
projected. Among the factors that could cause actual results to
differ from those contemplated are: (a) uncertainty and volatility
in the global markets, including uncertainty and volatility in the
macroeconomic environment, volatility and uncertainty in banking
and financial services sectors, inflationary pressures, changes in
the political or economic environment, such as geopolitical
conflicts, war, trade and export restrictions and the imposition of
tariffs or other duties, and the effect of such market disruptions
on demand for our products, technology spending by our customers
and our ability to obtain components for our products; (b)
quarter-over-quarter product mix fluctuations, which can materially
impact profitability measures due to the broad gross margin ranges
across our portfolio; (c) decline of average selling prices across
our businesses or increase in costs, either of which will also
decrease our margins; (d) effects of seasonality; (e) the ability
of our suppliers and contract manufacturers to meet production,
quality, and delivery requirements for our forecasted demand; (f)
changes in customer demand, including due to changes in inventory
practices and end-customer demand; (g) our ability to attract and
retain new customers, particularly in the cloud photonics and
imaging and sensing markets; (h) the risk that our markets will not
grow or develop as expected or that our strategies and ability to
compete in those markets are not successful, (i) the risk that
Lumentum’s financing or operating strategies will not be
successful; and (j) failure to successfully integrate Cloud Light
into our business or that we will not achieve the expected
benefits. For more information on these and other risks, please
refer to the "Risk Factors" section included in the Company’s
Annual Report on Form 10-K for the fiscal year ended June 29, 2024
filed with the Securities and Exchange Commission (the “SEC) and
the Company’s other filings with the SEC. The forward-looking
statements contained in this press release are made as of the date
hereof and the Company assumes no obligation to update such
statements, except as required by applicable law.
Non-GAAP Information
To supplement Lumentum’s condensed consolidated financial
statements, which are prepared and presented in accordance with
generally accepted accounting principles in the United States
(“GAAP”), Lumentum provides certain non-GAAP financial measures,
including non-GAAP diluted earnings per share. Non-GAAP diluted
earnings per share as estimated above excludes estimates for s
exclude (i) stock-based compensation, (ii) acquisition related
costs, (iii) amortization of acquired intangibles, (iv)
amortization of acquired inventory fair value, (v) restructuring
and related charges, (vi) foreign exchange (gains) losses, net,
(vii) non-cash interest expense on convertible notes, (viii)
intangible assets write-off, (ix) integration related costs, (x)
non-GAAP income tax reconciling adjustments, and (xi) other charges
or income related to non-recurring activities.
Lumentum believes this non-GAAP financial information provides
additional insight into the Company’s on-going business operations
and results, and has therefore chosen to provide this information
to investors for a more consistent basis of comparison and to help
them evaluate the results of the Company’s on-going operations and
enable more meaningful period to period comparisons. In addition,
the Company believes that providing certain of these measures
allows investors to better understand the Company’s operating
performance and importantly, to evaluate the methodology and
information used by management to monitor, manage, evaluate and
measure the Company’s business and results of operations. However,
these measures may be different from non-GAAP measures used by
other companies, limiting their usefulness for comparison purposes.
The non-GAAP financial measures used in this press release should
not be considered in isolation from measures of financial
performance prepared in accordance with GAAP. Investors are
cautioned that there are material limitations associated with the
use of non-GAAP financial measures as an analytical tool. In
particular, many of the adjustments to our GAAP financial measures
reflect the exclusion of items that are recurring and will be
reflected in our financial results for the foreseeable future.
Further, these non-GAAP financial measures may not be comparable to
similarly titled measurements reported by other companies. Lumentum
has provided non-GAAP diluted earnings per share in this release in
order to enable investors to compare estimated actual performance
with Lumentum’s guidance for its fiscal second quarter 2025.
A reconciliation of non-GAAP guidance measures to corresponding
GAAP measures is not available without unreasonable effort due to
the uncertainty regarding, and the potential variability of, many
of these costs and expenses that are not determinable until the
completion of our quarter-end closing processes. The Company has
provided a reconciliation of GAAP to non-GAAP financial measures in
the financial statement tables for its fiscal first quarter 2025
non-GAAP results that are included on the company’s investor
relations website.
Category: Financial
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250203516262/en/
Investors: Kathy Ta, 408-750-3853;
investor.relations@lumentum.com Media: Noël Bilodeau,
408-439-2140; noel.bilodeau@lumentum.com
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