Fabrinet Q1 revenue jumps 51%, beats estimates on broad-based demand
FN•Fabrinet's Q1 revenue rose 51% year over year to $1.47 billion, beating the $1.40 billion estimate, while adjusted EPS of $4.34 topped the $4.19 estimate. The company forecast Q2 revenue of $1.6 billion to $1.65 billion and expanded its share repurchase program by $103 million to $637.3 million.
1. Quarterly results
Fabrinet said Q1 revenue increased 51% year over year to $1.47 billion, above analyst expectations of $1.40 billion. Adjusted EPS was $4.34, compared with an estimate of $4.19. The company attributed results to strong demand across multiple significant programs and new product introductions.
2. Q2 outlook and buyback
Fabrinet expects Q2 revenue of $1.6 billion to $1.65 billion, GAAP EPS of $3.81 to $3.96, and non-GAAP EPS of $4.77 to $4.92. It expanded its share repurchase program by $103 million to $637.3 million.
