Fabrinet Reports 8% Growth in Q1 FY2018 Revenue

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EMS firm Fabrinet has announced revenue of $357.3 million for the first quarter of fiscal year 2018, an increase of 8% compared to the comparable period in fiscal year 2017. GAAP net income was $21 million, compared to $22.8 million for the first quarter of the previous fiscal year. GAAP net income for the first quarter of fiscal year 2018 included a foreign exchange loss of $1.9 million, or $0.05 per diluted share.

“Our first quarter revenue was within our guidance range. Growth from datacom and non-optical communications products were healthy compared to a year ago, with new programs and advanced technologies including silicon photonics and QSFP28 as notable contributors. However, tempered demand for telecom products resulted in a flat performance in that category compared to a year ago,” said Tom Mitchell, Executive Chairman of Fabrinet.

“We believe our strategy to drive our growth by attracting new customers and winning new programs from existing customers, while supporting increased production of existing programs continues to be successful. We are optimistic that by continuing to execute on this strategy we can continue to drive profitable growth as we look ahead.”

Business Outlook

Based on information available as of November 6, 2017, Fabrinet is issuing guidance for its second fiscal quarter ending December 29, 2017, as follows:

Fabrinet expects second quarter revenue to be in the range of $328 million to $332 million.

GAAP net income per diluted share is expected to be in the range of $0.43 to $0.45, 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 $0.69 to $0.71, based on approximately 38.2 million fully diluted shares outstanding.