Fabrinet Hikes on Quarterly Earnings

Fabrinet (NYSE: FN) shares jumped Tuesday, after the company posted upbeat quarterly earnings.

Revenue for the second quarter of fiscal year 2018 was $337.1 million, compared to revenue of $351.2 million for the comparable period in fiscal year 2017.

GAAP (Generally Accepted Accounting Principles) net income for the second quarter of fiscal year 2018 was $19.3 million, compared to GAAP net income of $25.3 million for the second quarter of fiscal year 2017.

GAAP net income for the second quarter of fiscal year 2018 included a foreign exchange loss of $1.3 million, or $0.04 per diluted share, compared to a foreign exchange gain of $1.9 million, or $0.05 per diluted share, for the second quarter of fiscal year 2017.

GAAP net income per diluted share for the second quarter of fiscal year 2018 was $0.51, compared to GAAP net income per diluted share of $0.67 for the second quarter of fiscal year 2017.

Said CEO Seamus Grady, “Having recently met with customers worldwide, I am looking forward to extending Fabrinet’s track record of success.

"We believe that over the longer-term we remain well-positioned to drive balanced and profitable growth from our core optical communications market as well as other industries that can leverage our precision optical, electro-mechanical and electronic manufacturing reputation.”

Moreover, Fabrinetès Board of Directors has approved the repurchase of up to an additional $30.0 million of Fabrinet’s ordinary shares, bringing the aggregate authorization under Fabrinet’s existing share repurchase program to $60.0 million.

Shares in the company increased $6.05, or 25.2%, to $30.10.