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Fabrinet, a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, announced its financial results for its fourth quarter and fiscal year ended June 25, 2021.
Seamus Grady, Chief Executive Officer of Fabrinet, said, “We had a strong finish to a record year with revenue and profitability that exceeded our guidance ranges. Demand trends across our business continue to be healthy, with particular fourth quarter strength from the telecom market. With efficient execution, we delivered excellent operating margins during the fourth quarter, which helped propel operating income and net income to record levels for fiscal year 2021.”
Grady continued, “We remain optimistic about demand trends and confident in our ability to execute, positioning us to continue delivering strong results as we enter our new fiscal year.”
Fourth Quarter Fiscal Year 2021 Financial Highlights
GAAP Results
- Revenue for the fourth quarter of fiscal year 2021 was $509.6 million, compared to $405.1 million for the fourth quarter of fiscal year 2020.
- GAAP net income for the fourth quarter of fiscal year 2021 was $42.4 million, compared to GAAP net income of $28.0 million for the fourth quarter of fiscal year 2020.
- GAAP net income per diluted share for the fourth quarter of fiscal year 2021 was $1.13, compared to GAAP net income per diluted share of $0.75 for the fourth quarter of fiscal year 2020.
Non-GAAP Results
- Non-GAAP net income for the fourth quarter of fiscal year 2021 was $49.4 million, compared to non-GAAP net income of $36.0 million for the fourth quarter of fiscal year 2020.
- Non-GAAP net income per diluted share for the fourth quarter of fiscal year 2021 was $1.31, compared to non-GAAP net income per diluted share of $0.96 for the fourth quarter of fiscal year 2020.
Fiscal Year 2021 Financial Highlights
GAAP Results
- Revenue for fiscal year 2021 was $1,879.4 million, compared to $1,641.8 million for fiscal year 2020.
- GAAP net income for fiscal year 2021 was $148.3 million, compared to GAAP net income of $113.5 million for fiscal year 2020.
- GAAP net income per diluted share for fiscal year 2021 was $3.95, compared to GAAP net income per diluted share of $3.01 for fiscal year 2020.
Non-GAAP Results
- Non-GAAP net income for fiscal year 2021 was $175.5 million, compared to non-GAAP net income of $140.6 million for fiscal year 2020.
- Non-GAAP net income per diluted share for fiscal year 2021 was $4.67, compared to non-GAAP net income per diluted share of $3.73 for fiscal year 2020.
Business Outlook
Based on information available as of August 16, 2021, Fabrinet is issuing guidance for its first fiscal year 2022 quarter ending September 24, 2021, as follows:
- Fabrinet expects first quarter revenue to be in the range of $510 million to $530 million.
- GAAP net income per diluted share is expected to be in the range of $1.08 to $1.15, based on approximately 37.5 million fully diluted shares outstanding.
- Non-GAAP net income per diluted share is expected to be in the range of $1.29 to $1.36, based on approximately 37.5 million fully diluted shares outstanding.
