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Fabrinet: Fiscal 2Q Earnings Snapshot

February 1, 2021 GMT

GEORGE TOWN, Cayman Islands (AP) _ Fabrinet (FN) on Monday reported fiscal second-quarter net income of $35.4 million.

The George Town, Cayman Islands-based company said it had profit of 94 cents per share. Earnings, adjusted for stock option expense and amortization costs, came to $1.10 per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.04 per share.

The company that assembles optical, electro-mechanical and electronic devices for other companies posted revenue of $453.8 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $433.7 million.

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For the current quarter ending in April, Fabrinet expects its per-share earnings to range from $1.10 to $1.17.

The company said it expects revenue in the range of $455 million to $475 million for the fiscal third quarter.

Fabrinet shares have risen 4% since the beginning of the year. In the final minutes of trading on Monday, shares hit $80.78, a rise of 21% 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