BANGKOK – Fabrinet reported fiscal first quarter revenue was $377.2 million, up 5.6% year-over-year.
GAAP net income for the quarter ended Sept. 28 was $27.9 million, an increase of 32.9% compared to the fiscal first quarter of 2018.
“With a strong start to the year, we exceeded our guidance for revenue and profitability in the first quarter,” said CEO Seamus Grady. “Our sequential growth, which was better than anticipated, was driven primarily by double-digit growth in both telecom and datacom optical communications products. We are optimistic the momentum we experienced during the first quarter will continue into the second quarter, as we leverage the combination of our leading market position and strong execution to deliver further financial success.”
As of Sept. 28, Fabrinet had a remaining authorization to purchase up to an additional $17.6 million worth of its ordinary shares.
Fabrinet expects fiscal second quarter revenue in the range of $380 million to $388 million.