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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, 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.
