January 23, 2022

Fabrinet beats Street 2Q forecasts

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Associated Press February 6, 2017

GEORGE TOWN, Cayman Islands (AP) _ Fabrinet (FN) on Monday reported fiscal second-quarter profit of $25.3 million.

The George Town, Cayman Islands-based company said it had profit of 67 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 91 cents per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 79 cents per share.

The company that assembles optical, electro-mechanical and electronic devices for other companies posted revenue of $351.2 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $335.7 million.

For the current quarter ending in April, Fabrinet expects its per-share earnings to range from 87 cents to 89 cents.

The company said it expects revenue in the range of $360 million to $364 million for the fiscal third quarter.

Fabrinet shares have increased 4.5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $42.10, an increase of 44 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FN at https://www.zacks.com/ap/FN

SOURCE: http://finance.yahoo.com/news/fabrinet-beats-street-2q-forecasts-214630554.html

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