BANGKOK – Fabrinet reported fiscal second quarter 2018 revenue was $337.1 million, down 4% year-over-year.

For the quarter ended Dec. 29, GAAP net income was $19.3 million, a decrease of 23.7% compared to the fiscal second quarter of 2017.

“We are pleased to have exceeded both our revenue and net income guidance for the second quarter,” said executive chairman Tom Mitchell. “We are enthusiastic about the fresh perspective Seamus brings to our team for driving opportunities from all our end markets as we look forward.”

"Having recently met with customers worldwide, I am looking forward to extending Fabrinet’s track record of success,” said CEO Seamus Grady. “We believe that over the longer-term we remain well-positioned to drive balanced and profitable growth from our core optical communications market, as well as other industries that can leverage our precision optical, electro-mechanical and electronic manufacturing reputation.”

The company’s board of directors has approved the repurchase of up to an additional $30 million of Fabrinet’s ordinary shares, bringing the aggregate authorization under Fabrinet’s existing share repurchase program to $60 million. Fabrinet repurchased approximately 316,000 shares of its ordinary shares at an average price of $31.36 during the second quarter.

Fabrinet expects fiscal third quarter revenue in the range of $316 million to $324 million.