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Fabrinet: Revenue exceed high-end of guidance ranges
Tom Mitchell, Chief Executive Officer of Fabrinet, said: “We exceeded our guidance for the second quarter, with revenue that grew 51 percent from a year ago."
"We are enthusiastic about our continued business momentum, driven by on-going strength in the optical market and new customer programs. We’re also excited to see the beginning of the transfer of programs from our new product introduction facility in Santa Clara to Thailand, and believe our growing NPI pipeline will support our growth in the years ahead."
"On a personal note, at my request, our board of directors has initiated a CEO succession plan. We have retained an executive search firm to assist in identifying and evaluating candidates. We have no set timeline for this process. I intend to continue to play a leadership role in the company after we appoint a new CEO", he continues.
Second Quarter Fiscal-Year 2017 Financial Highlights
- Revenue for the second quarter of fiscal year 2017 was USD 351.2 million, an increase of 51 percent compared to revenue of USD 233.0 million for the comparable period in fiscal year 2016.
- GAAP net income for the second quarter of fiscal year 2017 was USD 25.3 million, compared to GAAP net income of USD 19.8 million in the second quarter of fiscal year 2016.
- GAAP net income per diluted share for the second quarter of fiscal year 2017 was USD 0.67, compared to GAAP net income per diluted share of USD 0.54 in the second quarter of fiscal year 2016.
- Fabrinet expects revenue for the third quarter to be in the range of USD 360 to 364 million.
- GAAP net income per diluted share is expected to be in the range of USD 0.66 to 0.68, based on approximately 38.0 million fully diluted shares outstanding.
