lan78xx on RPi3: No carrier after boot?

[pth3434]

I'm having problems with the lan78xx module on the RPi3 after boot. eth0 never obtains a link and "ip link" reports "no-carrier". However, if I do
$this->bbcode_second_pass_code('', '# modprobe -r lan78xx
# modprobe lan78xx')
then the Ethernet interface simply works:
$this->bbcode_second_pass_code('', 'kernel: lan78xx 1-1.1.1:1.0 (unnamed net_device) (uninitialized): No External EEPROM. Setting MAC Speed
kernel: libphy: lan78xx-mdiobus: probed
systemd-udevd[957]: Using default interface naming scheme 'v245'.
systemd-udevd[957]: ethtool: autonegotiation is unset or enabled, the speed and duplex are not writable.
kernel: usbcore: registered new interface driver lan78xx
systemd-networkd[681]: eth0: IPv6 successfully enabled
systemd-networkd[681]: eth0: Link UP
systemd-networkd[681]: eth0: Gained carrier
kernel: IPv6: ADDRCONF(NETDEV_CHANGE): eth0: link becomes ready')

The only lines I can find in my logs for lan78xx during boot are the following:
$this->bbcode_second_pass_code('', 'kernel: lan78xx 1-1.1.1:1.0 (unnamed net_device) (uninitialized): No External EEPROM. Setting MAC Speed
kernel: libphy: lan78xx-mdiobus: probed
kernel: usbcore: registered new interface driver lan78xx
kernel: lan78xx 1-1.1.1:1.0 eth0: No phy led trigger registered for speed(-1)')

What could be causing this? Is it a bug? In early boot stages (initramfs) the eth0 interface is working just fine...