Optical packaging specialist Fabrinet (NYSE:FN) has reported a record Q1 FY2024 revenue of $685.5 million, marking an increase from Q1 FY2023's $655.4 million. The company also noted slight increases in both GAAP and non-GAAP net incomes, rising to $65.1 million and $72.8 million, respectively, up from the previous year's figures of $64.6 million and $72.4 million.
CEO Seamus Grady attributed this growth to the introduction of new programs and an effective cost management strategy that successfully offset industry-wide inventory adjustments. Looking forward, the company estimates its Q2 revenue to fall between $680 and $700 million, suggesting consistent growth.
As of September 29, 2023, Fabrinet's total assets exceeded $2 billion, with liabilities approximated at $489 million. The shareholders' equity stood at about $1.53 billion, while the net comprehensive income was reported at $65,702,000.
InvestingPro Insights
Fabrinet's performance is backed by robust metrics and a promising outlook. According to InvestingPro data, the company's market capitalization stands at $5870 million, and it operates with a P/E ratio of 23.79. Over the last quarter of 2023, Fabrinet has shown a strong return on assets of 13.0%, which is a testament to the company's effective utilization of its assets.
InvestingPro Tips reveal that Fabrinet has a perfect Piotroski Score of 9, an indicator of the company's strong financial health. In addition, the company has been aggressively buying back shares, signaling management's confidence in the company's future performance. It's also noteworthy that Fabrinet holds more cash than debt on its balance sheet, which provides the company with a strong financial cushion.
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