Stock Monitor: Universal Electronics Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 28, 2018 / Active-Investors.com has just released a free earnings report on Fabrinet (NYSE: FN). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FN. Fabrinet reported its second quarter fiscal 2018 operating and financial results on February 05, 2018. The Company that assembles optical, electro-mechanical and electronic devices provided guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Fabrinet most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
Fabrinet's revenue for the second quarter of the fiscal year 2018 was $337.1 million compared to revenue of $351.2 million for Q2 FY17. The Company's reported numbers exceeded analysts' estimates of $330.2 million.
During Q2 FY18, Fabrinet's GAAP net income was $19.3 million, or $0.51 per diluted share, compared to GAAP net income of $25.3 million, or $0.67 per diluted share, for Q2 FY17. The Company's reported quarter results included a foreign exchange loss of $0.04 per diluted share, compared to a foreign exchange gain of $0.05 per diluted share for the year-ago same period.
Fabrinet's non-GAAP net income was $27.3 million, or $0.72 per diluted share, for Q2 FY18 compared to non-GAAP net income of $34.5 million, or $0.91 per diluted share, in Q2 FY17. The Company's reported quarter results included a foreign exchange loss of $0.04 per diluted share.
During Q2 FY18, Fabrinet's Optical communications numbers represented 72% of total revenue compared to 77% in Q1 FY18 and non-optical increased to 28% of total revenue.
Within optical revenue, 100 Gig solutions were $133 million in Q2 FY18 compared to $157 million in Q1 FY17. The segment's revenue from QSFP28 transceivers was $42 million in the reported quarter compared to $48 million in the prior quarter, as the numbers of customers continued to transition to a low-cost CWDM4 variant. Silicon photonic revenue was $74 million in Q2 FY18, down slightly from $77 million in Q1 FY18.
The Company's non-optical communication segment generated record revenues of $95.2 million in Q2 FY18, while revenue from industry laser was a record $43 million, up 15% q-o-q and 20% on a y-o-y basis. Automotive revenue was also a quarterly record at nearly $26 million, increased 20% from the previous quarter and 18% from the year-ago same period.
In Q2 FY18, Fabrinet's new business revenue was $119 million consistent with Q1 FY18, and it represented 35% of total revenue.
At the end of Q2 FY18, Fabrinet's cash and investments were $287.7 million. This represents an increase of approximately $21 million from the end of Q1 FY17, primarily from the operating cash flows of $40.2 million, offset by a capital expenditure of $10.2 million, and share repurchase of $10 million.
Share Repurchase Program
Fabrinet announced that its Board of Directors has approved the repurchase of up to an additional $30.0 million of Fabrinet's ordinary shares, bringing the aggregate authorization under the Company's existing share repurchase program to $60.0 million. Fabrinet repurchased approximately 316,000 shares of its ordinary shares at an average price of $31.36 during Q2 FY18.
For its third fiscal quarter ending March 30, 2018, Fabrinet is forecasting revenue to be in the range of $316 million to $324 million. The Company is expecting GAAP net income per diluted share to be in the range of $0.50 to $0.53, and non-GAAP net income per diluted share to be in the band of $0.70 to $0.73 per share.
Stock Performance Snapshot
February 27, 2018 - At Tuesday's closing bell, Fabrinet's stock climbed 1.18%, ending the trading session at $30.07.
Volume traded for the day: 600.96 thousand shares.
Stock performance in the last month – up 15.97%; and year-to-date – up 4.77%
After yesterday's close, Fabrinet's market cap was at $1.13 billion.
Price to Earnings (P/E) ratio was at 12.81.
The stock is part of the Consumer Goods sector, categorized under the Electronic Equipment industry.
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