Fabrinet Posts Q3 Fiscal Year 2021 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 third fiscal quarter ended March 26, 2021.

Seamus Grady, Chief Executive Officer of Fabrinet, said, “For the third quarter in a row, we delivered record revenue that exceeded our guidance. Notably, we saw sequential revenue growth from all the end markets that we track combined with improving operating margins, both of which helped generate record net income.”

Grady continued, “Based on our current outlook and continued demand, we expect another record performance in the fourth quarter and we remain well-positioned to continue to deliver strong results over the longer-term. 

Third Quarter Fiscal Year 2021 Financial Highlights

GAAP Results

  • Revenue for the third quarter of fiscal year 2021 was $479.3 million, compared to $411.2 million in the third quarter of fiscal year 2020.
  • GAAP net income for the third quarter of fiscal year 2021 was $37.5 million, compared to GAAP net income of $28.3 million for the third quarter of fiscal year 2020.
  • GAAP net income per diluted share for the third quarter of fiscal year 2021 was $1.00, compared to GAAP net income per diluted share of $0.75 for the third quarter of fiscal year 2020.

Non-GAAP Results

  • Non-GAAP net income for the third quarter of fiscal year 2021 was $45.4 million, compared to non-GAAP net income of $34.8 million for the third quarter of fiscal year 2020.
  • Non-GAAP net income per diluted share for the third quarter of fiscal year 2021 was $1.21, compared to non-GAAP net income per diluted share of $0.92 for the third quarter of fiscal year 2020.

Business Outlook 

Based on information available as of May 3, 2021, Fabrinet is issuing guidance for its fourth fiscal quarter ending June 25, 2021, as follows: 

  • Fabrinet expects fourth quarter revenue to be in the range of $475 million to $495 million.
  • GAAP net income per diluted share is expected to be in the range of $1.02 to $1.09, 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 $1.18 to $1.25, based on approximately 37.6 million fully diluted shares outstanding.

Share

Print


Suggested Items

Emerging Engineers: Raviteja Boyana

04/01/2021 | Raviteja Boyana
Recent engineering graduate Raviteja Boyana discusses IPC's Emerging Engineer program and the IPC Education Foundation Scholarship, along with his mentorship with Gen3's Graham Naisbitt. Ravi has already found a job in the industry with Maxim Integrated.

Catching Up With Sean McConville, Niche Electronics

02/22/2021 | Dan Beaulieu, D.B. Management Group
Dan Beaulieu catches up with Sean McConville, vice president of business development at Niche Electronics, who shares his background in the industry, the strengths of his company, and how the pandemic has affected its business.

Meet Christine Davis, I-Connect007 Columnist

12/23/2020 | I-Connect007 Editorial Team
Meet Christine Davis, one of our newest columnists! Christine will share her expertise and lessons learned through her journey as one of the few women in the electronics industry to found and run her own company.



Copyright © 2021 I-Connect007. All rights reserved.