Fabrinet (FN) Q2 FY2024 earnings: revenue $713 million, up 6.6% on the year

Fabrinet (FN) reported revenue of $713 million for Q2 FY2024, the quarter ended 29 December 2023, up 6.6% on the same quarter a year earlier. Net income was $69 million, up 9.4% on the year, and diluted earnings per share $1.89. The figures are the company's own, from the 10-Q it filed with the SEC on 6 February 2024.

Revenue$713 millionup 6.6%

Net income$69 millionup 9.4%

Diluted EPS$1.89

QuarterQ2 FY2024ended 29 December 2023

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	713	685	n/a	n/a
Cost of revenue	624	601	n/a	n/a
Gross profit	88.3	84.4	n/a	n/a
Gross margin	12.4%	12.3%	n/a
Selling, general and administrative	19.3	20.4	n/a	n/a
Operating income	69.0	64.0	n/a	n/a
Operating margin	9.7%	9.3%	n/a
Interest expense	0.0	0.0	n/a	n/a
Pre-tax income	72.9	70.2	n/a	n/a
Income tax	3.8	5.1	n/a	n/a
Effective tax rate	5.2%	7.2%	n/a
Net income	69.1	65.1	n/a	n/a
Net margin	9.7%	9.5%	n/a
Diluted EPS	$1.89	$1.78	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	84.2	145	n/a	n/a
Capital expenditure	9.8	11.4	n/a	n/a
Free cash flow	74.4	134	n/a	n/a
Free cash flow margin	10.4%	19.5%	n/a
Cash from investing	-48.8	-53.1	n/a	n/a
Cash from financing	-9.6	-15.2	n/a	n/a
Depreciation and amortisation	12.2	12.0	n/a	n/a
Share-based compensation	7.0	7.7	n/a	n/a
Buybacks	6.4	0.0	n/a	n/a
Diluted shares, weighted	37m	36m	n/a	n/a
Shares outstanding at period end	36m	36m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	1,611	1,530	n/a	n/a
Operating lease liabilities	4.0	4.1	n/a	n/a
Other liabilities	518	485	n/a	n/a
Total liabilities and equity	2,133	2,019	n/a	n/a
Fixed assets	306	307	n/a	n/a
Intangible assets	2.5	2.6	n/a	n/a
Investments	375	321	n/a	n/a
Cash and equivalents	334	308	n/a	n/a
Receivables	585	535	n/a	n/a
Inventory	415	440	n/a	n/a
Other assets	116	106	n/a	n/a
Total assets	2,133	2,019	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	685	713	732	753	804	834	872	910	978	1,133	1,214	1,316
Cost of revenue	601	624	641	661	705	733	770	798	862	995	1,070	1,158
Gross profit	84.4	88.3	90.9	92.4	99.0	101	102	111	116	138	144	158
Gross margin	12%	12%	12%	12%	12%	12%	12%	12%	12%	12%	12%	12%
SG&A	20.4	19.3	19.6	19.1	22.0	21.2	22.1	22.2	22.2	23.3	24.3	23.7
Operating income	64.0	69.0	71.3	73.3	76.9	79.6	78.9	89.1	94.2	114	120	134
Operating margin	9%	10%	10%	10%	10%	10%	9%	10%	10%	10%	10%	10%
Interest expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a
Pre-tax income	70.2	72.9	83.3	85.0	80.8	94.9	86.3	93.2	101	120	134	200
Tax rate	7%	5%	3%	5%	4%	9%	6%	6%	5%	6%	7%	30%
Net income	65.1	69.1	80.9	81.1	77.4	86.6	81.3	87.2	95.9	113	125	139
Net margin	9%	10%	11%	11%	10%	10%	9%	10%	10%	10%	10%	11%
Diluted EPS	$1.78	$1.89	$2.21	$2.22	$2.13	$2.38	$2.25	$2.42	$2.66	$3.11	$3.45	$3.83
Operating cash flow	145	84.2	101	83.1	83.2	116	74.2	55.1	103	46.3	52.9	55.0
Capital expenditure	11.4	9.8	13.6	12.7	20.2	21.9	28.5	50.4	45.3	51.6	63.8	91.9
Free cash flow	134	74.4	87.3	70.4	62.9	94.0	45.7	4.7	57.3	-5.3	-10.8	-36.9
Buybacks	0.0	6.4	29.6	3.5	0.0	68.7	34.8	22.3	0.3	4.8	0.2	0.0
Shares outstanding	36m	36m	36m	36m	36m	36m	36m	36m	36m	36m	36m	36m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 December 2023, filed 6 February 2024, accession 0001408710-24-000009: the filing on EDGAR. All of Fabrinet's filings: EDGAR company page.

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