Fabrinet Announces Fourth Quarter and Fiscal Year 2024 Financial Results

　　BANGKOK, Thailand,Aug. 19, 2024(GLOBE NEWSWIRE) --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 fourth quarter and fiscal year endedJune 28, 2024.

　　Seamus Grady, Chief executive Officer ofFabrinet, said, “Our strong fourth quarter results capped a remarkable fiscal year, representing our fourth quarter in a row of record revenue, and record earnings per share, both of which were above our guidance ranges. We remain optimistic about our future, with numerous drivers that position us to extend our track record of success into fiscal year 2025.”

　　Fourth Quarter Fiscal Year 2024 Financial Highlights

　　GAAP Results

　　Revenue for the fourth quarter of fiscal year 2024 was $753.3 million, compared to $655.9 million for the fourth quarter of fiscal year 2023. GAAP net income for the fourth quarter of fiscal year 2024 was $81.1 million, compared to $60.8 million for the fourth quarter of fiscal year 2023. GAAP net income per diluted share for the fourth quarter of fiscal year 2024 was $2.22, compared to $1.65 for the fourth quarter of fiscal year 2023.

　　Non-GAAP Results

　　Non-GAAP net income for the fourth quarter of fiscal year 2024 was $88.0 million, compared to $68.4 million for the fourth quarter of fiscal year 2023. Non-GAAP net income per diluted share for the fourth quarter of fiscal year 2024 was $2.41, compared to $1.86 for the fourth quarter of fiscal year 2023.

　　Fiscal Year 2024 Financial Highlights

　　GAAP Results

　　Revenue for fiscal year 2024 was $2.88 billion, compared to $2.65 billion for fiscal year 2023. GAAP net income for fiscal year 2024 was $296.2 million, compared to $247.9 million for fiscal year 2023. GAAP net income per diluted share for fiscal year 2024 was $8.10, compared to $6.73 for fiscal year 2023.

　　Non-GAAP Results

　　Non-GAAP net income for fiscal year 2024 was $324.6 million, compared to $282.7 million for fiscal year 2023. Non-GAAP net income per diluted share for fiscal year 2024 was $8.88, compared to $7.67 for fiscal year 2023.

　　Share Repurchase Program Expanded

　　Fabrinetalso announced that its Board of Directors has approved an expansion of its share repurchase program, authorizing the repurchase of up to an additional$139.5 millionof Fabrinet’s ordinary shares. The addition brings the aggregate authorization under Fabrinet’s existing share repurchase program to$434.3 million, with$200.0 millioncurrently remaining.

　　Business Outlook

　　Based on information available as ofAugust 19, 2024,Fabrinetis issuing guidance for its first fiscal quarter endingSeptember 27, 2024, as follows:

　　Fabrinet expects first quarter revenue to be in the range of $760 million to $780 million. GAAP net income per diluted share is expected to be in the range of $2.10 to $2.17, based on approximately 36.5 million fully diluted shares outstanding. Non-GAAP net income per diluted share is expected to be in the range of $2.33 to $2.40, based on approximately 36.5 million fully diluted shares outstanding.

　　Guidance for non-GAAP net income per diluted share excludes share-based compensation expenses and certain non-recurring items. A reconciliation of non-GAAP net income per diluted share to the corresponding GAAP measure is available at the end of this press release.

　　AboutFabrinet

　　Fabrinetis a leading provider of advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and subsystems, automotive components, medical devices, industrial lasers and sensors.Fabrinetoffers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, advanced packaging, integration, final assembly and testing.Fabrinetfocuses on production of high complexity products in any mix and any volume.Fabrinetmaintains engineering and manufacturing resources and facilities inThailand,the United States of America, the People’sRepublic of China, andIsrael. For more information visit: www.fabrinet.com.