Viavi Solutions (VIAV) Raises Stock Buyback Plan to $150M; Reaffirms Outlook
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Viavi Solutions Inc. (NASDAQ: VIAV) announced today that its Board of Directors has authorized the Company to increase its stock repurchase program from up to $100 million to up to $150 million of the Company's common stock through open market or private transactions before December 31, 2017. The $50 million increase in authorized repurchases is in addition to the $100 million repurchase program announced by the Company in February 2016, under which approximately $25 million has been repurchased as of September 14, 2016. The Board also extended the period during which repurchases can be made under the original repurchase program to December 31, 2017. Viavi held $979.8 million in total cash and investments, which also includes marketable equity investments, $329.8 million in cash net of face value of debt as of July 2, 2016. The timing of repurchases and the number of shares repurchased will depend upon business and financial market conditions.
Business Outlook For the fiscal first quarter of 2017 ending October 1, 2016, the Company is reaffirming guidance of non-GAAP net revenue of $201 to $217 million and non-GAAP earnings per share of $0.06 to $0.08.
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