RTTNews | May 12, 2021 10:26AM EDT

10:26 Wednesday, May 12, 2021 (RTTNews.com) - Lumentum Holdings Inc. (LITE) shares are down 14 percent on Wednesday morning trade as its fourth-quarter projections remain below estimates.

The company reported third-quarter net income of $225.5 million or $2.85 per share from $43.4 million or $0.56 per share last year. On an adjusted basis, earnings were $1.40 per shares.

On average, 16 analysts polled by Thomson Reuters expected the company to earn $1.4 per share. Analyst estimates usually exclude special items.

Revenue for the quarter increased to $419.5 million from $402.8 million in the previous year. Analysts projected $433.49 million.

Looking ahead to the fourth quarter, the company expects adjusted earnings in a range of $0.92-$1.14 per share.

Analysts expect earnings of $1.26 per share on revenue of $408.97 million.

Revenue for the quarter is projected in a range of $360 to $400 million.

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