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Mar 31, 2023
Fabrinet Q3 2023 Earnings Report
Reported record third quarter revenue exceeding guidance.
Key Takeaways
Fabrinet announced strong Q3 2023 results, with revenue exceeding guidance and demonstrating operating leverage. While some parts of the business are affected by near-term inventory adjustments, growth from other customer programs and component availability improvements are offsetting the impacts.
Revenue for the third quarter of fiscal year 2023 was $665.3 million, compared to $564.4 million for the third quarter of fiscal year 2022.
GAAP net income for the third quarter of fiscal year 2023 was $59.4 million, compared to $50.7 million for the third quarter of fiscal year 2022.
GAAP net income per diluted share for the third quarter of fiscal year 2023 was $1.60, compared to $1.35 for the third quarter of fiscal year 2022.
Non-GAAP net income per diluted share for the third quarter of fiscal year 2023 was $1.94, compared to $1.50 for the third quarter of fiscal year 2022.
Forward Guidance
For the fourth fiscal quarter ending June 30, 2023, Fabrinet expects revenue to be in the range of $630 million to $650 million. GAAP net income per diluted share is expected to be in the range of $1.57 to $1.64, and non-GAAP net income per diluted share is expected to be in the range of $1.76 to $1.83.
Positive Outlook
- Revenue to be in the range of $630 million to $650 million.
- GAAP net income per diluted share is expected to be in the range of $1.57 to $1.64.
- Based on approximately 37.0 million fully diluted shares outstanding.
- Non-GAAP net income per diluted share is expected to be in the range of $1.76 to $1.83.
- Based on approximately 37.0 million fully diluted shares outstanding.
Challenges Ahead
- Growing global economic downturn
- Continued disruption to our supply chain, which could increase our costs and affect our ability to procure parts and materials
- Less customer demand for our products and services than forecasted
Historical Earnings Impact
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Avg. Return Before/After Earnings
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