Fabrinet (NYSE: FN) traded below -3.14%. The stock’s market capitalization arrived at $1.127B and total traded volume was 85,569 shares. The stock has a 52-week highest price of $47.02 and its 52-week lowest price was called at $24.02. During last trade, its maximum trading price was registered $31.20 and it’s the minimum trading price was noted $30.12.

Fabrinet (NYSE: FN), a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, recently reported its financial results for its second quarter ended December 29, 2017.

Tom Mitchell, Executive Chairman of Fabrinet, stated, “We are happy to have exceeded both our revenue and net income guidance for the second quarter. We are enthusiastic about the fresh perspective Seamus brings to our team for driving opportunities from all our end markets as we look forward.”

Second Quarter Fiscal Year 2018 Financial Highlights

GAAP Results

Revenue for the second quarter of fiscal year 2018, was $337.1M, contrast to revenue of $351.2M for the comparable period in fiscal year 2017.

GAAP net income for the second quarter of fiscal year 2018 was $19.3M, contrast to GAAP net income of $25.3M for the second quarter of fiscal year 2017. GAAP net income for the second quarter of fiscal year 2018 included a foreign exchange loss of $1.3M, or $0.04 per diluted share, contrast to a foreign exchange gain of $1.9M, or $0.05 per diluted share, for the second quarter of fiscal year 2017.

GAAP net income per diluted share for the second quarter of fiscal year 2018 was $0.51, contrast to GAAP net income per diluted share of $0.67 for the second quarter of fiscal year 2017.

Non-GAAP Results

Non-GAAP net income for the second quarter of fiscal year 2018 was $27.3M, contrast to non-GAAP net income of $34.5M for the second quarter of fiscal year 2017.

Non-GAAP net income per diluted share for the second quarter of fiscal year 2018 was $0.72, a decrease from non-GAAP net income per diluted share of $0.91 for the same period a year ago. Non-GAAP net income for the second quarter of fiscal year 2018 included a foreign exchange loss of $1.3M, or $0.04 per diluted share.

Share Repurchase Program Raise

Fabrinet also reported that its Board of Directors has accepted the repurchase of up to an additional $30.0M of Fabrinet’s ordinary shares, bringing the aggregate authorization under Fabrinet’s existing share repurchase program to $60.0M. Fabrinet repurchased about 316,000 shares of its ordinary shares at an average price of $31.36 during the second quarter.

Business Outlook

Based on information accessible as of February 5, 2018, Fabrinet is issuing guidance for its third fiscal quarter ending March 30, 2018, as follows:

Fabrinet expects third quarter revenue to be in the range of $316M to $324M.

GAAP net income per diluted share is predictable to be in the range of $0.50 to $0.53, based on about 37.9M fully diluted shares outstanding.

Non-GAAP net income per diluted share is predictable to be in the range of $0.70 to $0.73, based on about 37.9M fully diluted shares outstanding.

Fabrinet (FN)’s 50-day moving average of $30.92 to its 200-day MA of $31.96. Furthermore, it moved lower -29.92% from its 52-week high of $47.02 and 10.77% lost/gained from $24.02, which is 52-week low of the stock. As of recent closing trade, the ask price and the bid price remained at 30.30 x 100 and 30.25 x 200 respectively.