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Dec 29, 2023
Fabrinet Q2 2024 Earnings Report
Exceeded guidance ranges with record revenue and net income per share.
Key Takeaways
Fabrinet announced strong second quarter results, exceeding guidance and achieving record levels for revenue and net income per share. Datacom revenue growth was a significant driver of top-line performance, and the company anticipates continued contributions from newer datacom programs. The impact of telecom inventory adjustments is moderating, leading to optimism for diminished effects.
Revenue for the second quarter of fiscal year 2024 was $712.7 million, compared to $668.7 million for the second quarter of fiscal year 2023.
GAAP net income for the second quarter of fiscal year 2024 was $69.1 million, compared to $63.2 million for the second quarter of fiscal year 2023.
GAAP net income per diluted share for the second quarter of fiscal year 2024 was $1.89, compared to $1.71 for the second quarter of fiscal year 2023.
Non-GAAP net income per diluted share for the second quarter of fiscal year 2024 was $2.08, compared to $1.90 for the second quarter of fiscal year 2023.
Fabrinet
Fabrinet
Forward Guidance
Fabrinet expects third quarter revenue to be in the range of $705 million to $725 million. GAAP net income per diluted share is expected to be in the range of $1.89 to $1.96, and non-GAAP net income per diluted share is expected to be in the range of $2.08 to $2.15.
Positive Outlook
- Revenue to be in the range of $705 million to $725 million.
- GAAP net income per diluted share is expected to be in the range of $1.89 to $1.96.
- 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 $2.08 to $2.15.
- Excludes share-based compensation expenses and certain non-recurring items.