Thailand's Fabrinet Q1 revenue jumps 51%, beats estimates on strong broad-based demand

Overview

• Thailand optical manufacturing services firm's Q1 revenue rose 51% yr/yr, beating analyst expectations

• Adjusted EPS for Q1 beat analyst expectations

• Company expanded share repurchase program by $103 mln to $637.3 mln

Outlook

• Fabrinet sees Q2 revenue between $1.6 bln and $1.65 bln

• Company expects Q2 GAAP EPS of $3.81 to $3.96

• Fabrinet forecasts Q2 non-GAAP EPS of $4.77 to $4.92

Result Drivers

• BROAD-BASED DEMAND - Co said strong demand across multiple significant programs contributed to Q1 results

• NEW PRODUCT RAMPS - Co said new product introductions helped support revenue growth in the quarter

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the electronic equipment & parts peer group is "buy"

• Wall Street's median 12-month price target for Fabrinet is $738.44, about 125.6% above its October 30 closing price of $327.29

• The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 25 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)