Standard of Excellence: Anticipating Customer Needs Early and Often
The Knowledge Base: At the Forefront of Electronics Manufacturing
Global Citizenship: Training the Next Generation of Talent
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.
Share on:
Suggested Items
European Chips Skills Academy Launches ECS Summer School 2025 to Inspire Future Electronics Talent
04/01/2025 | JCN NewswireThe European Chips Skills Academy (ECSA), an EU-funded project coordinated by SEMI Europe, in collaboration with industry partners AENEAS, EPoSS, and INSIDE, has announced the launch of the ECS Summer School 2025.
Real Time with... IPC APEX EXPO 2025: Highlighting Global PCB Trends and Technologies with all4-PCB
04/01/2025 | Real Time with...IPC APEX EXPOAndy Shaughnessy and all4-PCB's Ralph Jacobo discuss global distribution trends in the PCB industry, focusing on new technologies in plasma etching and final inspection. Ralph highlights the importance of IC substrate buildup technology and partnerships in the market.
Do You Have X-ray Vision? SMT007 Magazine April Issue Is No Joke
04/01/2025 | I-Connect007 Editorial TeamAs component packaging continues to evolve, the capability of inspecting through components is crucial. Has X-ray’s time finally come in electronics manufacturing? Join us in this issue of SMT007 Magazine, where we answer this question—and others—to bring more efficiency to your bottom line.
IPC APEX EXPO 2025: We’ve Got It Covered
04/01/2025 | I-Connect007 Editorial TeamIPC APEX EXPO is the largest electronics manufacturing trade show in North America, bringing together professionals from all sectors of the supply chain to educate, network, and share their products and services. We’ve put all our coverage of the show in one easy-to-find location. Just click on “Videos,” “Show Coverage” and “Photos” to find what you’re looking for. Check back regularly as more content is added. You won’t want to miss any of our unique coverage.
Real Time with... IPC APEX EXPO 2025: Akrometrix—Creative Approaches to Measuring Thermal Warpage
03/31/2025 | Real Time with...IPC APEX EXPONeil Hubble discusses his research on measuring thermal warpage which focuses on challenges in testing small, thin samples. He introduces non-destructive testing methods that effectively measure without damaging components. Neil highlights the industry's growing interest in AI and outlines future technology goals, including improved resolution and automation to enhance production efficiency.