Fabrinet Announces Q4, Fiscal Year 2022 Financial Results


Reading time ( words)

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 fourth quarter and fiscal year ended June 24, 2022. 

Seamus Grady, Chief Executive Officer of Fabrinet, said, “We delivered strong fourth quarter results with revenue at the upper end of our guidance range and net income per share that exceeded our guidance. With strong ongoing demand trends, we are optimistic that we can continue to execute well and extend our track record of success in fiscal 2023 and beyond.”

Fourth Quarter Fiscal Year 2022 Financial Highlights GAAP Results

  • Revenue for the fourth quarter of fiscal year 2022 was $587.9 million, compared to $509.6 million for the fourth quarter of fiscal year 2021.
  • GAAP net income for the fourth quarter of fiscal year 2022 was $56.2 million, compared to $42.4 million for the fourth quarter of fiscal year 2021.
  • GAAP net income per diluted share for the fourth quarter of fiscal year 2022 was $1.51, compared to $1.13 for the fourth quarter of fiscal year 2021.

Non-GAAP Results 

  • Non-GAAP net income for the fourth quarter of fiscal year 2022 was $62.6 million, compared to $49.4 million for the fourth quarter of fiscal year 2021.
  • Non-GAAP net income per diluted share for the fourth quarter of fiscal year 2022 was $1.68, compared to $1.31 for the fourth quarter of fiscal year 2021.

Fiscal Year 2022 Financial Highlights GAAP Results 

  • Revenue for fiscal year 2022 was $2.26 billion, compared to $1.88 billion for fiscal year 2021.
  • GAAP net income for fiscal year 2022 was $200.4 million, compared to $148.3 million for fiscal year 2021.
  • GAAP net income per diluted share for fiscal year 2022 was $5.36, compared to $3.95 for fiscal year 2021.

Non-GAAP Results 

  • Non-GAAP net income for fiscal year 2022 was $229.2 million, compared to $175.5 million for fiscal year 2021.
  • Non-GAAP net income per diluted share for fiscal year 2022 was $6.13, compared to $4.67 for fiscal year 2021.

Share Repurchase Program Expanded

Fabrinet also announced that its Board of Directors has approved the repurchase of up to an additional $78.7 million of Fabrinet’s ordinary shares, bringing the aggregate authorization under Fabrinet’s existing share repurchase program to $247.2 million, with $100.0 million currently remaining.

Business Outlook

Based on information available as of August 15, 2022, Fabrinet is issuing guidance for its first quarter of fiscal year 2023, a 14-week quarter ending September 30, 2022, as follows:

  • Fabrinet expects first quarter revenue to be in the range of $620 million to $640 million.
  • GAAP net income per diluted share is expected to be in the range of $1.51 to $1.58, 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 $1.72 to $1.79, based on approximately 37.6 million fully diluted shares outstanding.

Share




Suggested Items

Finally, Some Good News About Supply Chain

09/26/2022 | Nolan Johnson, I-Connect007
In this follow-up to his recent interview on the Q4 2022 outlook, Shawn DuBravac, IPC chief economist, provides an update on the incoming supply chain for EMS providers. Naturally, this conversation centers on component availability, where the supply crunch is easing, and by how much. It doesn’t seem we’ll be seeing any across-the-board relief for some time to come, but Shawn’s higher-altitude perspective brings insight to your daily planning.

Surprising European EMS Market Numbers

10/27/2017 | Dieter G. Weiss, Weiss Engineering
If you think market analysis is always correct and predict the future exactly, you are mistaken. The latest annual reports from EMS companies with manufacturing sites in Europe have changed the picture on the European EMS industry quite a bit and caught us by surprise. Yes, you read that correctly: SURPRISE.



Copyright © 2022 I-Connect007. All rights reserved.