Fabrinet Q3 FY2017 Revenue Up 46%

Estimated reading time: 2 minutes

Fabrinet has announced revenue (GAAP) of $366.8 million for the third quarter of fiscal year 2017, an increase of 46% compared to revenue of $250.9 million for the comparable period in fiscal year 2016.

GAAP net income for the third quarter ended March 31, 2017 was $21.7 million, compared to GAAP net income of $20.8 million in the third quarter of fiscal year 2016. GAAP net income for the third quarter of fiscal year 2017 included a foreign exchange loss of $3.7 million, or $0.10 per diluted share.

GAAP net income per diluted share for the third quarter of fiscal year 2017 was $0.57, compared to GAAP net income per diluted share of $0.56 in the third quarter of fiscal year 2016.

"We had a strong third quarter, with revenue that exceeded our guidance range and grew 46% from a year ago. We are benefiting from growth in a variety of existing customer programs that are further supported by new business. Our new facility in Chonburi, Thailand and our new product introduction facilities in Santa Clara, California and the UK are also making important contributions that we expect to expand as we look ahead," said Tom Mitchell, Chief Executive Officer of Fabrinet.

Non-GAAP Results

• Non-GAAP net income in the third quarter of fiscal 2017 was $30.5 million, an increase of 46% compared to non-GAAP net income of $20.8 million in the third quarter of fiscal year 2016. Non-GAAP net income for the third quarter of fiscal year 2017 included a foreign exchange loss of $3.7 million, or $0.10 per diluted share.
• Non-GAAP net income per diluted share in the third quarter of fiscal 2017 was $0.80, compared to non-GAAP net income per diluted share of $0.56 in the third quarter of fiscal year 2016.

Business Outlook

Based on information available as of May 8, 2017, Fabrinet is issuing guidance for the fourth quarter of fiscal year 2017 ending June 30, 2017, as follows:

• Fabrinet expects revenue for the fourth quarter to be in the range of $361 million to $365 million.
• GAAP net income per diluted share is expected to be in the range of $0.65 to $0.67, based on approximately 38.2 million fully diluted shares outstanding.
• Non-GAAP net income per diluted share is expected to be in the range of $0.82 to $0.84, based on approximately 38.2 million fully diluted shares outstanding.

About Fabrinet

Fabrinet is a leading provider of advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and subsystems, industrial lasers and sensors. Fabrinet offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, advanced packaging, integration, final assembly and test. Fabrinet focuses on production of high complexity products in any mix and any volume. Fabrinet maintains engineering and manufacturing resources and facilities in Thailand, the United States of America, the People's Republic of China and the United Kingdom. For more information click here.