Summary by Moomoo AI
Fabrinet announced robust financial results for fiscal year 2024, with revenues increasing 9% to $2.88 billion compared to $2.65 billion in FY2023. Net income rose to $296.2 million, or 10.3% of revenues, up from $247.9 million in the previous year. The growth was primarily driven by increased demand for optical communication products, particularly in data communications for AI applications.Gross profit grew 5.9% to $356.1 million, while operating income increased 10.3% to $277.6 million. The company's cash position strengthened significantly, with cash, cash equivalents, and short-term investments reaching $858.6 million at year-end, compared to $550.5 million the previous year. Fabrinet also fully repaid its outstanding debt during the fiscal year.Looking ahead, management expressed confidence in the company's financial position and growth prospects. While noting ongoing inventory absorption in the telecommunication market, Fabrinet highlighted strong demand in data communications, particularly for AI-related products. The company expects its robust cash flow and debt-free status to support future growth initiatives and capital expenditures.
