BANGKOK – Fabrinet reported fiscal fourth quarter revenue was $509.6 million, up 25.8% year-over-year.

For the period ended June 25, GAAP net income was $42.4 million, an increase of 51.4% compared to the same quarter last year.

“We had a strong finish to a record year with revenue and profitability that exceeded our guidance ranges,” said CEO Seamus Grady. “Demand trends across our business continue to be healthy, with particular fourth quarter strength from the telecom market. With efficient execution, we delivered excellent operating margins during the fourth quarter, which helped propel operating income and net income to record levels for fiscal year 2021.

“We remain optimistic about demand trends and confident in our ability to execute, positioning us to continue delivering strong results as we enter our new fiscal year.”

For fiscal 2021, revenue was $1.9 billion, up 14.5% year-over-year. GAAP net income was $148.3 million, growth of 30.7% compared to fiscal 2020.

For the fiscal first quarter ending Sept. 24, Fabrinet expects revenue in the range of $510 million to $530 million.