Fabrinet Announces Q4, Fiscal Year 2024 Financial Results
August 21, 2024 | FabrinetEstimated reading time: 2 minutes
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 fourth quarter and fiscal year ended June 28, 2024.
Seamus Grady, Chief Executive Officer of Fabrinet, said, “Our strong fourth quarter results capped a remarkable fiscal year, representing our fourth quarter in a row of record revenue, and record earnings per share, both of which were above our guidance ranges. We remain optimistic about our future, with numerous drivers that position us to extend our track record of success into fiscal year 2025.”
Fourth Quarter Fiscal Year 2024 Financial Highlights
GAAP Results
- Revenue for the fourth quarter of fiscal year 2024 was $753.3 million, compared to $655.9 million for the fourth quarter of fiscal year 2023.
- GAAP net income for the fourth quarter of fiscal year 2024 was $81.1 million, compared to $60.8 million for the fourth quarter of fiscal year 2023.
- GAAP net income per diluted share for the fourth quarter of fiscal year 2024 was $2.22, compared to $1.65 for the fourth quarter of fiscal year 2023.
Non-GAAP Results
- Non-GAAP net income for the fourth quarter of fiscal year 2024 was $88.0 million, compared to $68.4 million for the fourth quarter of fiscal year 2023.
- Non-GAAP net income per diluted share for the fourth quarter of fiscal year 2024 was $2.41, compared to $1.86 for the fourth quarter of fiscal year 2023.
Fiscal Year 2024 Financial Highlights
GAAP Results
- Revenue for fiscal year 2024 was $2.88 billion, compared to $2.65 billion for fiscal year 2023.
- GAAP net income for fiscal year 2024 was $296.2 million, compared to $247.9 million for fiscal year 2023.
- GAAP net income per diluted share for fiscal year 2024 was $8.10, compared to $6.73 for fiscal year 2023.
Non-GAAP Results
- Non-GAAP net income for fiscal year 2024 was $324.6 million, compared to $282.7 million for fiscal year 2023.
- Non-GAAP net income per diluted share for fiscal year 2024 was $8.88, compared to $7.67 for fiscal year 2023.
Share Repurchase Program Expanded
Fabrinet also announced that its Board of Directors has approved an expansion of its share repurchase program, authorizing the repurchase of up to an additional $139.5 million of Fabrinet’s ordinary shares. The addition brings the aggregate authorization under Fabrinet’s existing share repurchase program to $434.3 million, with $200.0 million currently remaining.
Business Outlook
Based on information available as of August 19, 2024, Fabrinet is issuing guidance for its first fiscal quarter ending September 27, 2024, as follows:
- Fabrinet expects first quarter revenue to be in the range of $760 million to $780 million.
- GAAP net income per diluted share is expected to be in the range of $2.10 to $2.17, 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 $2.33 to $2.40, based on approximately 36.5 million fully diluted shares outstanding.
Suggested Items
Fresh PCB Concepts: The Critical Nature of Copper Thickness on PCBs
10/31/2024 | Team NCAB -- Column: Fresh PCB ConceptsPCBs are the backbone of modern electronics and the copper layers within these boards serve as the primary pathways for electrical signals. When designing and manufacturing PCBs, copper thickness is one of the most critical factors and significantly affects the board’s performance and durability. The IPC-6012F specification, the industry standard for the performance and qualification of rigid PCBs, sets clear guidelines on copper thickness to ensure reliability in different environments and applications.
ViTrox Showcases Groundbreaking Inspection Innovations at NEPCON Asia 2024
10/30/2024 | ViTroxViTrox, which aims to be the world’s most trusted technology company, is thrilled to announce its participation in NEPCON Asia 2024. The event will be held at Shenzhen World Exhibition & Convention Center (Bao’an) from November 6th to 8th at Hall 9, Booth #9E20.
Element Solutions Announces Q3 2024 Financial Results
10/29/2024 | BUSINESS WIRENet sales of $645 million, an increase of 8% on a reported basis or 6% on an organic basis from the third quarter of 2023
TPCA Signs MOU to Boost Thai PCB Industry Talent Development
10/28/2024 | TPCAAt the 2024 TPCA Show, the Taiwan Printed Circuit Association (TPCA) signed a Memorandum of Understanding (MOU) with four major Thai institutions to enhance talent development in Thailand's growing PCB sector.
Plexus Announces Fiscal Q4 and Fiscal Year 2024 Financial Results
10/28/2024 | PlexusPlexus Corp. announced financial results for our fiscal fourth quarter and fiscal year ended September 28, 2024, and guidance for our fiscal first quarter 2025 ending December 28, 2024. Reports fiscal fourth quarter 2024 revenue of $1.05 billion, GAAP operating margin of 5.1% and GAAP diluted EPS of $1.48.