Fabrinet Announces First Quarter Fiscal Year 2020 Financial Results

Fabrinet (NYSE: FN), 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 first quarter ended September 27, 2019.

Seamus Grady, Chief Executive Officer of Fabrinet, said, “We had a strong start to the year with fiscal first quarter revenue and earnings that exceeded our guidance ranges. We have made significant progress establishing a new product introduction facility in Israel that we expect to be operational in the first part of calendar 2020. We believe Fabrinet Israel can mirror the success we have seen at Fabrinet West in California by attracting new customers and deepening relationships with existing customers. This development, along with our ongoing business success reinforce our confidence as we look ahead.”

First Quarter Fiscal Year 2020 Financial Highlights

GAAP Results

  • Revenue for the first quarter of fiscal year 2020 was $399.3 million, compared to revenue of $377.2 million for the comparable period in fiscal year 2019.
  • GAAP net income for the first quarter of fiscal year 2020 was $25.9 million, compared to GAAP net income of $27.9 million for the first quarter of fiscal year 2019. GAAP net income for the first quarter of fiscal year 2020 included a foreign exchange loss of $1.9 million and a mark-to-market loss on the two interest rate swap contracts of $1.7 million, or $0.09 per diluted share, compared to a foreign exchange loss of $3.1 million, or $0.08 per diluted share, for the first quarter of fiscal year 2019.
  • GAAP net income per diluted share for the first quarter of fiscal year 2020 was $0.69, compared to GAAP net income per diluted share of $0.75 for the first quarter of fiscal year 2019.

Non-GAAP Results

  • Non-GAAP net income for the first quarter of fiscal year 2020 was $32.2 million, compared to non-GAAP net income of $34.1 million for the first quarter of fiscal year 2019. Non-GAAP net income for the first quarter of fiscal year 2020 included a foreign exchange loss of $1.9 million and a mark-to-market loss on the two interest rate swap contracts of $1.7 million, or $0.09 per diluted share, compared to a foreign exchange loss of $3.1 million, or $0.08 per diluted share, for the first quarter of fiscal year 2019.
  • Non-GAAP net income per diluted share for the first quarter of fiscal year 2020 was $0.86, compared to non-GAAP net income per diluted share of $0.92 for the same period a year ago.

Business Outlook

Based on information available as of November 4, 2019, Fabrinet is issuing guidance for its second fiscal quarter of 2020 ending December 27, 2019, as follows:

  • Fabrinet expects second quarter revenue to be in the range of $408 million to $416 million.
  • GAAP net income per diluted share is expected to be in the range of $0.74 to $0.77, based on approximately 37.7 million fully diluted shares outstanding.
  • Non-GAAP net income per diluted share is expected to be in the range of $0.91 to $0.94, based on approximately 37.7 million fully diluted shares outstanding.

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