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Lumentum Holdings Inc. (LITE+4.22%) has submitted its 10-Q filing for the quarterly period ended September 28, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenue to $336.9 million from $317.6 million in the same quarter the previous year. This increase is primarily driven by higher sales in the Cloud & Networking segment.
Gross profit for the quarter was $77.9 million, compared to $76.7 million in the previous year. The gross margin decreased slightly to 23.1% from 24.1% due to changes in product mix and lower factory utilization.
Research and development expenses increased marginally to $74.3 million from $73.5 million, primarily due to higher spending on software and computer supplies.
Selling, general, and administrative expenses rose to $76.3 million from $73.0 million, influenced by increased amortization of intangible assets from the Cloud Light acquisition.
Restructuring and related charges for the quarter were $9.7 million, down from $11.0 million in the previous year. These charges include asset write-offs and costs related to discontinuation of certain development projects.
Net loss for the quarter was $82.4 million, compared to $67.9 million in the previous year. The loss was impacted by increased operating expenses and interest expenses.
Cash provided by operating activities was $39.6 million, while cash used in investing and financing activities was $47.1 million and $60.0 million, respectively.
Lumentum had a working capital of $1,636.2 million as of September 28, 2024. The company continues to focus on expanding its Cloud & Networking segment and integrating recent acquisitions.
The filing details various financial agreements, including new term loans with Sumitomo Mitsui Banking Corporation (SMFG-2.20%) and Mizuho Bank, Ltd. (MFG-1.06%), to support manufacturing expansion.
Lumentum does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to monitor geopolitical and economic conditions that may impact its operations, including trade restrictions and supply chain challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lumentum Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.