Fabrinet posts revenue of $509.6 million in Q4 beating projections

Fabrinet (NYSE: FN) has announced its Q4 and fiscal 2021 financial results for the period ended June 25, 2021. The advanced precision optical and optical packaging and electronic manufacturing service provider reported Q4 revenue of $509.6 million, exceeding guidance and revenue of $1.88 billion for fiscal 2021.

Fabrinet tops revenue and profitability guidance ranges for fiscal Q4 2021

The company's CEO, Seamus Grady, said:

The Company reported a GAAP net income of $42.4 million in Q4 2021 relative to a GAAP net income of $28 million posted a year ago. On a per-share basis, the company's net income was $1.13 per diluted share compared to $0.75 per diluted share in fiscal Q4 2020.

In the fourth quarter of fiscal 2021, non-GAAP net income was $49.4 million versus a non-GAAP net income of $36 million in Q4 2020. In addition, Fabrinet reported a non-GAAP net income per share of $1.31 in Q4 2021 versus a net income of $0.96 per diluted share in fiscal Q4 2020.

For Fiscal 2021, the company’s revenue was around $1.88 billion relative to $1.64 billion in fiscal 2020. As a result, Fabrinet's GAAP net income was $148.3 million or $3.95 per diluted share in the fiscal year 2021 compared to a GAAP net income of $113.5 million or $3.01 per diluted share a year ago.  Non-GAAP net income was $175.5 million or $4.67 per diluted share compared to non-GAAP net income of $140.6 or $3.73 in fiscal 2020.

Fabrinet expects revenue of $510-530 million in Q1 2022

Grady stated:

As per the available information as of August 16, 2021, the company is offering guidance for fiscal Q1 2022 revenue ranging between $510 million and $530 million.  Fabrinet expects GAAP net income to be around $1.08 to $1.15 per diluted share as per the current 37.5 million outstanding fully diluted shares. Non-GAAP net income is likely to range between $1.29 and $1.36 per diluted share.