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Fabrinet, 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 second fiscal quarter ended December 25, 2020.
Seamus Grady, Chief Executive Officer of Fabrinet, said, “We delivered record revenue and profitability that exceeded our guidance ranges in the second quarter. Newer programs helped drive revenue upside while margin improvement contributed to strong profitability in the quarter.”
Grady continued, “Based on our anticipated growth, we have broken ground on construction for an additional building at our Chonburi campus. As we look ahead, we are optimistic that the third quarter will represent another record-breaking quarter for the company.”
Second Quarter Fiscal Year 2021 Financial Highlights
GAAP Results
- Revenue for the second quarter of fiscal year 2021 was $453.8 million, compared to $426.2 million in the second quarter of fiscal year 2020.
- GAAP net income for the second quarter of fiscal year 2021 was $35.4 million, compared to GAAP net income of $31.2 million for the second quarter of fiscal year 2020.
- GAAP net income per diluted share for the second quarter of fiscal year 2021 was $0.94, compared to GAAP net income per diluted share of $0.83 for the second quarter of fiscal year 2020.
Non-GAAP Results
- Non-GAAP net income for the second quarter of fiscal year 2021 was $41.5 million, compared to non-GAAP net income of $37.7 million for the second quarter of fiscal year 2020.
- Non-GAAP net income per diluted share for the second quarter of fiscal year 2021 was $1.10, compared to non-GAAP net income per diluted share of $1.00 for the second quarter of fiscal year 2020.
Business Outlook
Based on information available as of February 1, 2021, Fabrinet is issuing guidance for its third fiscal quarter ending March 26, 2021, as follows:
- Fabrinet expects third quarter revenue to be in the range of $455 million to $475 million.
- GAAP net income per diluted share is expected to be in the range of $0.94 to $1.01, based on approximately 37.6 million fully diluted shares outstanding.
- Non-GAAP net income per diluted share is expected to be in the range of $1.10 to $1.17, based on approximately 37.6 million fully diluted shares outstanding.
