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Fabrinet revenue decreases in second quarter fiscal year 2018

Published 07 February 2018

Fabrinet, a provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, has reported a drop in revenue for the second quarter ended 29 December 2017.

Fabrinet executive chairman Tom Mitchell said, “We are pleased to have exceeded both our revenue and net income guidance for the second quarter. We are enthusiastic about the fresh perspective Seamus brings to our team for driving opportunities from all our end markets as we look forward.”

Fabrinet chief executive officer Seamus Grady said: “Having recently met with customers worldwide, I am looking forward to extending Fabrinet’s track record of success.

“We believe that over the longer-term we remain well-positioned to drive balanced and profitable growth from our core optical communications market as well as other industries that can leverage our precision optical, electro-mechanical and electronic manufacturing reputation.”

Revenue for the second quarter of fiscal year 2018, was $337.1 million, compared to revenue of $351.2 million for the comparable period in fiscal year 2017.

GAAP net income for the second quarter of fiscal year 2018 was $19.3 million, compared to GAAP net income of $25.3 million for the second quarter of fiscal year 2017. GAAP net income for the second quarter of fiscal year 2018 included a foreign exchange loss of $1.3 million, or $0.04 per diluted share, compared to a foreign exchange gain of $1.9 million, or $0.05 per diluted share, for the second quarter of fiscal year 2017.

GAAP net income per diluted share for the second quarter of fiscal year 2018 was $0.51, compared to GAAP net income per diluted share of $0.67 for the second quarter of fiscal year 2017.

Non-GAAP net income for the second quarter of fiscal year 2018 was $27.3 million, compared to non-GAAP net income of $34.5 million for the second quarter of fiscal year 2017.

Non-GAAP net income per diluted share for the second quarter of fiscal year 2018 was $0.72, a decrease from non-GAAP net income per diluted share of $0.91 for the same period a year ago. Non-GAAP net income for the second quarter of fiscal year 2018 included a foreign exchange loss of $1.3 million, or $0.04 per diluted share.

Fabrinet also announced that its Board of Directors has approved the repurchase of up to an additional $30.0 million of Fabrinet’s ordinary shares, bringing the aggregate authorization under Fabrinet’s existing share repurchase program to $60.0 million. Fabrinet repurchased approximately 316,000 shares of its ordinary shares at an average price of $31.36 during the second quarter.

Based on information available as of February 5, 2018, Fabrinet is issuing guidance for its third fiscal quarter ending March 30, 2018, as follows:

Fabrinet expects third quarter revenue to be in the range of $316 million to $324 million.

GAAP net income per diluted share is expected to be in the range of $0.50 to $0.53, based on approximately 37.9 million fully diluted shares outstanding.

Non-GAAP net income per diluted share is expected to be in the range of $0.70 to $0.73, based on approximately 37.9 million fully diluted shares outstanding.



Source: Company Press Release