January 23, 2022

Fabrinet meets 4Q profit forecasts

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960-fabrinet-fn-stock-jumps-robust-earnings-guidance-improved-demandAssociated Press From Yahoo news

GEORGE TOWN, Cayman Islands (AP) _ Fabrinet (FN) on Monday reported fiscal fourth-quarter earnings of $19.7 million.

The George Town, Cayman Islands-based company said it had net income of 53 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, were 60 cents per share.

The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 60 cents per share.

The company that assembles optical, electro-mechanical and electronic devices for other companies posted revenue of $276.4 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $263.1 million.

For the year, the company reported profit of $61.9 million, or $1.68 per share. Revenue was reported as $976.7 million.

For the current quarter ending in October, Fabrinet expects its per-share earnings to range from 70 cents to 72 cents.

The company said it expects revenue in the range of $306 million to $310 million for the fiscal first quarter.

Fabrinet shares have risen 78 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $42.30, more than doubling 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 http://www.zacks.com/ap/FN

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