x Brown

Fabrinet Announces Second Quarter Fiscal Year 2022 Financial Results

Record Second Quarter Revenue of $566.6 Million Exceeds Guidance; Record GAAP and Non-GAAP Net Income per Share Exceed Guidance

BANGKOK, Thailand–Fabrinet (NYSE: FN), a leading 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 second fiscal quarter ended December 24, 2021.

Seamus Grady, Chief Executive Officer of Fabrinet, said, “We had an excellent second quarter with revenue and non-GAAP EPS that exceeded our guidance ranges. Our team continues to effectively manage ongoing supply chain constraints, and with continued strong demand trends, our outlook remains very positive.”

Second Quarter Fiscal Year 2022 Financial Highlights

GAAP Results

  • Revenue for the second quarter of fiscal year 2022 was $566.6 million, compared to $453.8 million in the second quarter of fiscal year 2021.
  • GAAP net income for the second quarter of fiscal year 2022 was $48.9 million, compared to GAAP net income of $35.4 million for the second quarter of fiscal year 2021.
  • GAAP net income per diluted share for the second quarter of fiscal year 2022 was $1.30, compared to GAAP net income per diluted share of $0.94 for the second quarter of fiscal year 2021.

Non-GAAP Results

  • Non-GAAP net income for the second quarter of fiscal year 2022 was $56.2 million, compared to non-GAAP net income of $41.5 million for the second quarter of fiscal year 2021.
  • Non-GAAP net income per diluted share for the second quarter of fiscal year 2022 was $1.50, compared to non-GAAP net income per diluted share of $1.10 for the second quarter of fiscal year 2021.

Business Outlook

Based on information available as of January 31, 2022, Fabrinet is issuing guidance for its third fiscal quarter ending March 25, 2022, as follows:

  • Fabrinet expects third quarter revenue to be in the range of $560 million to $580 million.
  • GAAP net income per diluted share is expected to be in the range of $1.30 to $1.37, based on approximately 37.6 million fully diluted shares outstanding.
  • Non-GAAP net income per diluted share is expected to be in the range of $1.48 to $1.55, based on approximately 37.6 million fully diluted shares outstanding.

About The Author