Fabrinet’s June Quarter Sales, Profits Take Dip

Fabrinet today announced fiscal fourth quarter revenue of $345.3 million, down 6.8% from 2017.

For the period ended Jun. 29, the electronics manufacturing services provider had GAAP net income of $22.8 million, down 6.4% from $27.4 million a year ago. The results includes a currency exchange loss of $900,000, compared to a loss of $1 million a year ago. Non-GAAP net income was $30.7 million, versus $32.8 million in 2017.

In a press release, Seamus Grady, chief executive officer, said, “Our financial results for the fourth quarter exceeded our guidance for revenue and profitability. Our sequential revenue growth was driven by modest growth from optical communications products, and strong growth from non-optical communications products, with a particularly notable performance in the industrial laser and automotive markets. We are encouraged by the broadly improving demand dynamics we see and are optimistic that we will see continued sequential growth in the first quarter of fiscal year 2019 as we expand our leadership as a manufacturer of complex products.”

For the fiscal year, revenue was $1.37 billion, down 3.5% from fiscal 2017. GAAP net income was $84.2 million, including a foreign exchange loss of $6.6 million, versus $97.1 million with a foreign exchange loss of $1.1 million for fiscal 2017. Non-GAAP net income was $113.5 million, down from $127.4 million.

Fabrinet forecast September quarter revenue in the range of $347 million to $355 million.

The company also announced chief financial officer Toh-Seng Ng has requested the board initiate a succession plan.

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