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Fabrinet (NYSE:FN) reported better-than-expected fourth-quarter financial results and issued strong guidance on Monday.
Fabrinet reported quarterly earnings of $2.41 per share, which beat the analyst consensus estimate of $2.24 per share. Quarterly sales clocked in at $753.261 million, which beat the analyst consensus estimate.
"Our strong fourth-quarter results capped a remarkable fiscal year, representing our fourth quarter in a row of record revenue, and record earnings per share, both of which were above our guidance ranges. We remain optimistic about our future, with numerous drivers that position us to extend our track record of success into fiscal year 2025," said Seamus Grady, CEO of Fabrinet.
Fabrinet expects first-quarter revenue to be in the range of $760 million to $780 million and earnings to be in the range of $2.33 to $2.40 per share.
Fabrinet shares rose 0.2% to close at $231.55 on Monday.
These analysts made changes to their price targets on Fabrinet following earnings announcement.
Needham analyst Alex Henderson maintained Fabrinet with a Buy rating, while raising the price target from $270 to $280.
Rosenblatt analyst Mike Genovese maintained Fabrinet with a Buy rating, while increasing the price target from $260 to $280.
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