Fabrinet (NYSE: FN) rose Tuesday after reporting upbeat Q1 earnings.
The company, a provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced its financial results for its first quarter ended September 28, 2018.
Revenue was $377.2 million, compared to revenue of $357.3 million for the comparable period in fiscal year 2018.
GAAP net income for the first quarter of fiscal year 2019 was $27.9 million, compared to GAAP net income of $21.0 million for the first quarter of fiscal year 2018. GAAP net income for the first quarter of fiscal year 2019 included a foreign exchange benefit of $3.1 million, or $0.08 per diluted share, compared to a foreign exchange loss of $1.9 million, or $0.05 per diluted share, for the first quarter of fiscal year 2018.
Said CEO Seamus Grady, "With a strong start to the year, we exceeded our guidance for revenue and profitability in the first quarter. Our sequential growth, which was better than anticipated, was driven primarily by double-digit growth in both telecom and datacom optical communications products.
"We are optimistic that the momentum we experienced during the first quarter will continue into the second quarter, as we leverage the combination of our leading market position and strong execution to deliver further financial success."
There was no share repurchase activity during the quarter. As of September 28, Fabrinet had a remaining authorization to purchase up to an additional $17.6 million worth of its ordinary shares.
Shares acquired $7.64, or 16.9%, to $52.84
Related Stories
