Standard of Excellence: Turning Negative Customer Feedback Into Positive Outcomes
Smart Automation: The Growing Role of Additive Manufacturing
Global Citizenship: Redefining Connection and Responsibility in Digital Transformation
Fabrinet Announces Q2 Fiscal Year 2024 Financial Results
February 6, 2024 | FabrinetEstimated reading time: 1 minute
Fabrinet, a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced its financial results for its second fiscal quarter ended December 29, 2023.
Seamus Grady, Chief Executive Officer of Fabrinet, said, “Our strong second quarter results exceeded our guidance ranges and also represented record levels for revenue and net income per share. We continued to see strong datacom revenue growth, which helped drive our overall top line performance. We remain confident that newer datacom programs will significantly contribute to our results as we look ahead. Telecom revenue moderated by a smaller amount than anticipated in the quarter, and we are optimistic that the impact of ongoing inventory adjustments in the telecom market could continue to diminish. With continued business momentum, we are well-positioned to extend our track record of strong execution into the third quarter.”
Second Quarter Fiscal Year 2024 Financial Highlights
GAAP Results
- Revenue for the second quarter of fiscal year 2024 was $712.7 million, compared to $668.7 million for the second quarter of fiscal year 2023.
- GAAP net income for the second quarter of fiscal year 2024 was $69.1 million, compared to $63.2 million for the second quarter of fiscal year 2023.
- GAAP net income per diluted share for the second quarter of fiscal year 2024 was $1.89, compared to $1.71 for the second quarter of fiscal year 2023.
Non-GAAP Results
- Non-GAAP net income for the second quarter of fiscal year 2024 was $76.1 million, compared to $70.0 million for the second quarter of fiscal year 2023.
- Non-GAAP net income per diluted share for the second quarter of fiscal year 2024 was $2.08, compared to $1.90 for the second quarter of fiscal year 2023.
Business Outlook
Based on information available as of February 5, 2024, Fabrinet is issuing guidance for its third fiscal quarter ending March 29, 2024, as follows:
- Fabrinet expects third quarter revenue to be in the range of $705 million to $725 million.
- GAAP net income per diluted share is expected to be in the range of $1.89 to $1.96, based on approximately 36.6 million fully diluted shares outstanding.
- Non-GAAP net income per diluted share is expected to be in the range of $2.08 to $2.15, based on approximately 36.6 million fully diluted shares outstanding.
Share on:
Suggested Items
Driving Sustainability in PCB Design
04/23/2025 | Marcy LaRont, I-Connect007Filbert (Fil) Arzola is an electrical engineer at Raytheon. He’s smart, entertaining, and passionate about PCB design. As it turns out, he’s also passionate about “Mother Earth,” as he calls her. Born and raised in Southern California, he freely admits that he turns the water off when he brushes his teeth and yells at his brother for throwing batteries in the garbage. But when looking at the issue of sustainability and PCB design, he urges his audiences to ponder what sustainability looks like. Can PCB designers, he asks, make any impact on sustainability at all?
Silicon Geometry's Signal Integrity Impact on PCBs
04/23/2025 | Marcy LaRont, I-Connect007At IPC APEX EXPO 2025, Kris Moyer addressed the importance of understanding the impact of silicon geometry reduction on signal integrity and PCB performance. Kris says signal integrity considerations are necessary for so many designs today, regardless of clock frequency. He discusses valuable insights from attendees regarding embedded resistor technology and the effects of radiation on smaller silicon features in aerospace applications.
Explore Thermal Management Solutions in Latest Podcast Series—New Episode Now Available
04/23/2025 | I-Connect007I-Connect007 is excited to share the latest episode in our new podcast series! In this episode, Ryan returns to discuss practical strategies for managing heat, starting early in the design planning and specification phases. After all, prevention means there’s less to mitigate later.
IPC Rising Star Award: Young-Ho Hwang, Guru E&E
04/23/2025 | Nolan Johnson, I-Connect007Since 2022, IPC has made significant progress for its Korean members. Young-Ho Hwang has been instrumental in driving these developments. As a core advisory committee member and chair of the 610 RTG, he has played a key role in guiding IPC Korea’s strategic direction, championed the development and adoption of IPC standards across industries, and fostered strong collaborations with stakeholders.
PTCRB Certification Adds New IoT Chipset Certification Category, Certifies Sony's Altair ALT1350 CTIA Certification
04/23/2025 | PRNewswireCTIA Certification announced the first PTCRB certified IoT chipset, Sony's Altair ALT1350.