GEORGE TOWN, Cayman Islands (AP) _ Fabrinet (FN) on Monday reported fiscal first-quarter profit of $26 million.
The George Town, Cayman Islands-based company said it had profit of 69 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 86 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 82 cents per share.
The company that assembles optical, electro-mechanical and electronic devices for other companies posted revenue of $399.3 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $390.3 million.
For the current quarter ending in January, Fabrinet expects its per-share earnings to range from 91 cents to 94 cents.
The company said it expects revenue in the range of $408 million to $416 million for the fiscal second quarter.
Fabrinet shares have risen 18% since the beginning of the year. In the final minutes of trading on Monday, shares hit $60.60, an increase of 30% in the last 12 months.