Fabrinet Announces Q1 Fiscal Year 2024 Financial Results

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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 first fiscal quarter ended September 29, 2023.

Seamus Grady, Chief Executive Officer of Fabrinet, said, “We had a very strong start to the year with revenue and net income per share that were above our guidance ranges, and also marked new quarterly records. Industry-wide inventory adjustments continue to affect certain programs, but these declines were more than offset by quickly ramping new programs. We continue to carefully manage costs, which resulted in strong bottom-line results. We expect to extend our strong execution into the second quarter, as reflected in our guidance.”

First Quarter Fiscal Year 2024 Financial Highlights

GAAP Results

Revenue for the first quarter of fiscal year 2024, a thirteen-week quarter, was $685.5 million, compared to $655.4 million for the first quarter of fiscal year 2023, a fourteen-week quarter.

GAAP net income for the first quarter of fiscal year 2024 was $65.1 million, compared to $64.6 million for the first quarter of fiscal year 2023.

GAAP net income per diluted share for the first quarter of fiscal year 2024 was $1.78, compared to $1.76 for the first quarter of fiscal year 2023.

Non-GAAP Results

• Non-GAAP net income for the first quarter of fiscal year 2024 was $72.8 million, compared to $72.4 million for the first quarter of fiscal year 2023.
• Non-GAAP net income per diluted share for the first quarter of fiscal year 2024 was $2.00, compared to $1.97 for the first quarter of fiscal year 2023.

Business Outlook

Based on information available as of November 6, 2023, Fabrinet is issuing guidance for its second fiscal quarter ending December 29, 2023, as follows:

• Fabrinet expects second quarter revenue to be in the range of $680 million to $700 million.
• GAAP net income per diluted share is expected to be in the range of $1.78 to $1.85, based on approximately 36.5 million fully diluted shares outstanding.
• Non-GAAP net income per diluted share is expected to be in the range of $1.98 to $2.05, based on approximately 36.5 million fully diluted shares outstanding.

Guidance for non-GAAP net income per diluted share excludes share-based compensation expenses and certain non-recurring items. A reconciliation of non-GAAP net income per diluted share to the corresponding GAAP measure is available at the end of this press release.