Lumentum stock gains after company posts revenue, earnings beat

Shares of Lumentum Holdings Inc. LITE, +4.36%are up 8.7% in premarket trading Wednesday after the optoelectronics company beat earnings and revenue estimates and delivered a better-than-expected forecast for the current quarter. Net income for the company's fiscal third quarter was $204.8 million, or $3.

05 a share. A year earlier, the company posted a $56 million loss, or 92 cents a share. Adjusted net income rose to $50.6 million from $30.8 million a year earlier. On a per-share basis, adjusted earnings amounted to 78 cents, compared to 49 cents in the year-ago period and the FactSet consensus estimate of 71 cents. Net revenue rose to $298.8 million from $255.8 million, while analysts were expecting $292.3 million. Lumentum expects net revenue of $275 million to $300 million for its current quarter and adjusted earnings per share of 55 cents to 75 cents. Analysts had been expecting revenue of $279 million and earnings per share of 62 cents. Fellow optoelectronics company II-VI Inc. IIVI, +8.53%posted a revenue beat Tuesday morning. Shares of peers Finisar Corp. FNSR, +0.96%and Oclaro Inc. OCLR, +1.14%are up in premarket trading. Lumentum's stock has gained 23% over the past 12 months, while the S&P 500 SPX, +0.25%has risen 11%.