• Fabrinet (NYSE: FN) reported Q4 EPS of $0.96, $0.09 better than the analyst estimate of $0.87. Revenue for the quarter came in at $405.11 million versus the consensus estimate of $386.86 million.
• Fourth Quarter Revenue of $405 Million Exceeds Guidance Range
• Record Fiscal Year 2020 Revenue of $1.64 Billion and Record Operating Cash Flow of $151 Million
• Expands Share Repurchase Program, Resulting in $100 Million Available for Repurchase

Seamus Grady, Chief Executive Officer of Fabrinet, said, “We exceeded our guidance for revenue and earnings in the fourth quarter, ending the year in a better position than ever to continue our success. This performance helped us generate record operating cash flow in fiscal 2020 and end the year with a record cash balance.”

Grady continued, “We remain optimistic about demand for products in the core markets we serve, despite COVID headwinds, and anticipate sequential growth in the first quarter. Going forward, we anticipate that we can extend our history of strong cash flow generation and see opportunities to continue investing in further growth while also more aggressively returning value to shareholders through an expanded share repurchase program.”

GUIDANCE:

Fabrinet sees Q1 2021 EPS of $0.93-$1.00, versus the consensus of $0.95. Fabrinet sees Q1 2021 revenue of $410-430 million, versus the consensus of $415.77 million.

Based on information available as of August 17, 2020, Fabrinet is issuing guidance for its first quarter of fiscal year 2021 ending September 25, 2020, as follows:

• Fabrinet expects first quarter revenue to be in the range of $410 million to $430 million.
• GAAP net income per diluted share is expected to be in the range of $0.77 to $0.84, based on approximately 37.7 million fully diluted shares outstanding.
• Non-GAAP net income per diluted share is expected to be in the range of $0.93 to $1.00, based on approximately 37.7 million fully diluted shares outstanding.

For earnings history and earnings-related data on Fabrinet (FN) click here.