$FN (+0,75%) Fabrinet reported earnings

Q1 FY2025 results ended on September 27th 2024

- Revenue: $804.2M, +17% YoY

- GAAP Net Income: $77.4M, +19% YoY

- GAAP EPS: $2.13 vs $1.78 in Q1 2024

- Non-GAAP EPS: $2.39 vs $2.00 in Q1 2024

CEO Seamus Grady: "We started fiscal year 2025 with significant momentum across our business. Record revenue of $804 million increased 17% from a year ago and was above our guidance range. We saw revenue growth from every product area, including our first telecom revenue growth in several quarters. Strong margins coupled with our revenue performance helped produce earnings per share at the upper end of our guidance range."

Other Metrics:

- Gross Margin (GAAP): 12.3%, flat YoY

- Operating Margin (GAAP): 9.6% vs 9.3% in Q1 2024

- Operating Margin (Non-GAAP): 10.7% vs 10.5% in Q1 2024

- Free Cash Flow: $62.9M vs $133.6M in Q1 2024

Business Highlights:

- Growth across all product areas

- First telecom revenue growth in several quarters

- Strong margins performance

- Operating cash flow of $83.2M

- Total cash and investments of $908.9M

Outlook (Q2 FY2025):

- Revenue: $800M-$820M

- GAAP EPS: $2.20-$2.28

- Non-GAAP EPS: $2.44-$2.52

- Based on approximately 36.4M diluted shares outstanding