Fabrinet (FN), a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products yesterday reported their fiscal fourth quarter 2017 financial results.
Fabrinet reported adjusted fourth quarter earnings of $0.86 per share which beat analyst expectations of $0.83 per share and they reported preliminary second quarter revenues of $370.05 million which also beat analyst expectations of $363.7 million.
Fabrinet CEO’s Comments
CEO Tom Mitchell called the results “strong,” noting that the quarter was Fabrinet’s 12th in a row of year-over-year revenue growth. Mitchell credited combination of growth from both existing customers and new customer programs. Mitchell cited “strategic” developments of the year ended, including increasing manufacturing capacity “substantially,” and expanding abilities outside the optical communications market. “With our expanded capacity and a robust pipeline of opportunities, we are optimistic that our success in fiscal year 2017 will extend into fiscal year 2018,” said Mitchell. Barrons
FN Technical Analysis
FN opened trading yesterday at $40.20 which was up from the previous day’s trading close of $40.08. Shares closed trading yesterday at $39.82 and spiked down after market to $36.25, equivalent to a 9% decrease from the closing price. Taking a look at the daily chart we can see the last time FN traded below these levels we have to go back to May 31st when it traded at $35.23.
Taking a closer look at the daily chart we can see that before the spike down FN had already been in an overall downward trend dating back to July 24th when it traded at $46.87. FN has a float of 35.95 million shares and traded 1.99 times the normal daily trading volume on Monday.
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