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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 30, 2022.
Seamus Grady, Chief Executive Officer of Fabrinet, said, “We delivered strong second quarter results with revenue that exceeded our guidance range, and record operating margins. We continue to effectively manage through a dynamic supply environment with component availability improving for some products, but tightening for others. Positive longer-term supply and demand trends, combined with our demonstrated track record of solid execution gives us confidence that we can continue to deliver strong financial results.”
Second Quarter Fiscal Year 2023 Financial Highlights
GAAP Results
- Revenue for the second quarter of fiscal year 2023 was $668.7 million, compared to $566.6 million for the second quarter of fiscal year 2022.
- GAAP net income for the second quarter of fiscal year 2023 was $63.2 million, compared to $48.9 million for the second quarter of fiscal year 2022.
- GAAP net income per diluted share for the second quarter of fiscal year 2023 was $1.71, compared to $1.30 for the second quarter of fiscal year 2022.
Non-GAAP Results
- Non-GAAP net income for the second quarter of fiscal year 2023 was $70.0 million, compared to $56.2 million for the second quarter of fiscal year 2022.
- Non-GAAP net income per diluted share for the second quarter of fiscal year 2023 was $1.90, compared to $1.50 for the second quarter of fiscal year 2022.
Business Outlook
Based on information available as of February 6, 2023, Fabrinet is issuing guidance for its third fiscal quarter ending March 31, 2023, as follows:
- Fabrinet expects third quarter revenue to be in the range of $640 million to $660 million.
- GAAP net income per diluted share is expected to be in the range of $1.59 to $1.66, 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 $1.86 to $1.93, based on approximately 37.0 million fully diluted shares outstanding.
- Guidance for non-GAAP net income per diluted share excludes share-based compensation expenses and certain non-recurring items. A reconciliation of non-GAAP net income per diluted share to the corresponding GAAP measure is available at the end of this press release.
