Fabrinet FY2017 Revenue Up 45%

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EMS firm Fabrinet has announced GAAP revenue of $370.5 million for the fourth quarter of fiscal year 2017, up by 34% compared to $276.4 million revenue for the comparable period in fiscal year 2016. GAAP net income for Q4 FY2017 was $27.4 million, up from $19.7 million in the same period of the previous fiscal year.

For the full fiscal year 2017, GAAP revenue was $1.4 billion for fiscal year 2017, an increase of 45% compared to total revenue of $976.7 million for fiscal year 2016. GAAP net income was $97.1 million, up from $61.9 million for fiscal year 2016.

“Our strong fourth quarter performance, with revenue and net income per diluted share that exceeded our guidance ranges, represented an excellent finish to a record year for Fabrinet. The fourth quarter was our 12th consecutive quarter of year-over-year revenue growth, at 34%. This performance was driven by a combination of growth from both existing customers and new customer programs,” said Tom Mitchell, Chief Executive Officer of Fabrinet. "In addition to delivering a strong financial performance, fiscal year 2017 was also significant from a strategic perspective. We substantially increased our manufacturing capacity and further developed our new product introduction capabilities, especially outside the optical communications market, positioning us to generate strong returns from a diversifying customer base. With our expanded capacity and a robust pipeline of opportunities, we are optimistic that our success in fiscal year 2017 will extend into fiscal year 2018.”

Business Outlook

Based on information available as of August 21, 2017, Fabrinet is issuing guidance for the first quarter of fiscal year 2018 ending September 29, 2017, as follows:

• Fabrinet expects first quarter revenue to be in the range of $356 million to $360 million.
• GAAP net income per diluted share is expected to be in the range of $0.60 to $0.62, 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 $0.78 to $0.80, 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, automotive components, medical devices, 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, visit www.fabrinet.com.