On November 6, 2023, Fabrinet (FN, Financial), a leading provider of advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, announced its financial results for its first fiscal quarter ended September 29, 2023.
Company Performance and Challenges
Seamus Grady, Chief Executive Officer of Fabrinet, commented on the company's performance, stating,
We had a very strong start to the year with revenue and net income per share that were above our guidance ranges, and also marked new quarterly records. Industry-wide inventory adjustments continue to affect certain programs, but these declines were more than offset by quickly ramping new programs. We continue to carefully manage costs, which resulted in strong bottom-line results. We expect to extend our strong execution into the second quarter, as reflected in our guidance.”
Financial Achievements
Fabrinet (FN, Financial) reported a record revenue of $685.5 million for the first quarter of fiscal year 2024, compared to $655.4 million for the first quarter of fiscal year 2023. The GAAP net income for the first quarter of fiscal year 2024 was $65.1 million, compared to $64.6 million for the first quarter of fiscal year 2023. The Non-GAAP net income for the first quarter of fiscal year 2024 was $72.8 million, compared to $72.4 million for the first quarter of fiscal year 2023.
Key Details from Financial Statements
According to the Condensed Consolidated Balance Sheets, as of September 29, 2023, Fabrinet (FN, Financial) had total assets of $2,019,221,000 and total liabilities of $489,052,000. The company's total shareholders' equity stood at $1,530,169,000. The Condensed Consolidated Statements of Operations and Comprehensive Income revealed a net comprehensive income of $65,702,000 for the three months ended September 29, 2023.
Business Outlook
Based on information available as of November 6, 2023, Fabrinet (FN, Financial) is issuing guidance for its second fiscal quarter ending December 29, 2023. The company expects second quarter revenue to be in the range of $680 million to $700 million. GAAP net income per diluted share is expected to be in the range of $1.78 to $1.85, 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 $1.98 to $2.05, based on approximately 36.5 million fully diluted shares outstanding.
Explore the complete 8-K earnings release (here) from Fabrinet for further details.
