Viavi Solutions Inc. VIAV, +2.52%, a provider of testing and monitoring equipment for networks, announced Tuesday that its board has approved a stock buyback program of up to $300 million. The new program replaces the former $200 million authorization which expires Sept. 30. The Chandler, Ariz.-based company also reaffirmed its first-quarter guidance for revenue of $317 million to $331 million and adjusted per-share earnings of 22 cents to 24 cents. The FactSet consensus is for revenue of $327 million and adjusted EPS of 23 cents. The guidance comes ahead of an Investor Day due to kick off at 9:00 a.m. Eastern. Shares were not yet active premarket, but are down 17% in the year to date, while the S&P 500 SPX, +1.06% has fallen 14%.
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