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© bahar bostanci dreamstime.com Electronics Production | November 03, 2015

Fabrinet ups revenue by 14 percent

Fabrinet's revenue amounted to USD 216.4 million for first quarter of fiscal year 2016, an increase of 14 percent compared to total revenue of USD 189.3 million for the comparable period in fiscal year 2015.
GAAP net income for the first quarter of fiscal year 2016 was USD 1.6 million, compared to GAAP net income of USD 11.0 million in the first quarter of fiscal year 2015. The decrease in GAAP net income was primarily due to a USD (10.9) million unrealized foreign exchange loss for the mark-to-market adjustment of forward contracts entered into to partially hedge against future variable costs.

GAAP net income for the first quarter of fiscal year 2016 was USD 0.04 per diluted share, compared to GAAP net income of USD 0.31 per diluted share, in the first quarter of fiscal year 2015.

Tom Mitchell, Chief Executive Officer of Fabrinet, said, "We are off to a strong start in fiscal 2016 with first quarter revenue and non-GAAP profitability that exceeded our expectations. In addition to beginning production at our new product introduction and advanced packaging facility in Santa Clara, we recently broke ground on the first building of what will become a second manufacturing campus in Thailand. We expect this added space to enable us to continue scaling our business as our current facilities reach capacity levels. With overall manufacturing space at our new campus that will ultimately represent a more than doubling of capacity, we are setting the stage for continued profitable growth as we look ahead.”

Business Outlook

  • Fabrinet expects second quarter revenue to be in the range of $218 million to $222 million.
  • GAAP net income per diluted share is expected to be in the range of $0.41 to $0.43, 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 $0.45 to $0.47, based on approximately 36.6 million fully diluted shares outstanding.

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