Fabrinet's Sales Up 20% YoY in March Quarter
BANGKOK -- Fabrinet reported fiscal third quarter sales of $399 million, up 20.1% year-over-year.
GAAP net income for the period ended Mar. 29 rose to $28.6 million, versus $21.1 million in the year-ago quarter.
The results included a foreign exchange loss of $3.1 million, versus a similar loss of $2.4 a year ago. Cash flow from operations for the first three quarters of fiscal 2019 was $105.5 million, compared to $89.8 million.
“We exceeded our guidance for revenue and profitability in the third quarter on both an ASC 605 and ASC 606 basis, primarily due to increasing demand from the telecom market," said Seamus Grady, chief executive, Fabrinet. "In addition, we were pleased to see non-GAAP gross margins return to within our target range. With new business wins and strong customer relationships, we are optimistic that we can deliver a strong fourth quarter resulting in a record year for revenue and profitability.”
The EMS company guided for fiscal fourth quarter revenues of $396 million to $404 million.
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