Flat Revenue for Fabrinet in Q4, But Growth Expected
BANGKOK -- Fabrinet announced fourth quarter revenue of $405.1 million, flat with last year.
GAAP net income for the period ended Jun. 26 was $28 million, down from $33 million a year ago. The currency exchange loss of $800,000 reversed a gain of $1.8 million for the fourth quarter of fiscal 2019.
Non-GAAP net income was $36 million, down 4.4% from last year.
“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,” said Seamus Grady, chief executive, Fabrinet. “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.”
Fabrinet said its Israel site is now in operation, and shipments to customers began in the quarter. "We are seeing good traction with new customers in Israel and are excited about this additional on-ramp to volume manufacturing in Thailand, which we expect to replicate the success we've seen at Fabrinet West in Silicon Valley," Grady said.
Based on customer demand patterns, Fabrinet has begun an expansion of its Pinehurst campus in Thailand. The increase in the manufacturing footprint will add approximately 100,000 sq. ft. of manufacturing space, or about 10% from the current manufacturing footprint at the campus.
For the fiscal year, the EMS company reported revenue of $1.64 billion, up 3.8% from the previous year. GAAP net income was down 6.1% to $113.5 million. Foreign exchange losses contributed $3.8 million, versus a gain of $1.4 million in fiscal 2019. Non-GAAP net income was down $2 million to $140.6 million.
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