Fabrinet (FN) reported quarterly earnings results on Monday, May-2-2016. The company said it had a profit of $0.56 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $0.53. The company posted revenue of $250.90 million in the period, compared to analysts expectations of $242.80 million. The company’s revenue was up 32.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS.
Many Wall Street Analysts have commented on Fabrinet. Company shares were Reiterated by Needham on Mar 8, 2016 to “Buy”, Firm has raised the Price Target to $ 35 from a previous price target of $32 .
Fabrinet closed down -0.04 points or -0.12% at $32.79 with 1,26,915 shares getting traded on Wednesday. Post opening the session at $32.97, the shares hit an intraday low of $32.59 and an intraday high of $32.97 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.
In a different news, on Apr 4, 2016, David T. Mitchell (CEO & Chairman) sold 40,000 shares at $31.41 per share price. According to the SEC, on Feb 26, 2016, Harpal Gill (President & COO) sold 20,852 shares at $29.00 per share price. On Nov 13, 2015, Toh-seng Ng (Chief Financial Officer) sold 2,655 shares at $23.26 per share price, according to the Form-4 filing with the securities and exchange commission.
Fabrinet provides optical packaging and precision optical electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex products such as optical communication components modules and sub-systems industrial lasers medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the entire manufacturing process including process design and engineering supply chain management manufacturing complex printed circuit board assembly advanced packaging integration final assembly and test. The Company focuses primarily on the production of low-volume high-mix products. The Company operates primarily in three geographic regions: North America Asia-Pacific and Europe. The products offered by the Company include optical communications devices solid state diode-pumped gas and fiber lasers and sensors.