U.S. Markets closed

Fabrinet beats Street 2Q forecasts

GEORGE TOWN, Cayman Islands (AP) _ Fabrinet (FN) on Monday reported fiscal second-quarter profit of $19.3 million.

The George Town, Cayman Islands-based company said it had net income of 51 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, were 72 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.

The company that assembles optical, electro-mechanical and electronic devices for other companies posted revenue of $337.1 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $330.2 million.

For the current quarter ending in April, Fabrinet expects its per-share earnings to range from 70 cents to 73 cents.

The company said it expects revenue in the range of $316 million to $324 million for the fiscal third quarter.

Fabrinet shares have decreased 16 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $24.06, a decline of 43 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FN at https://www.zacks.com/ap/FN