Why Fabrinet Stock Blasted Nearly 16% Higher Today
Optics equipment supplier (NYSE: FN) was quite the double-digit outperformer on the second trading day of the week. Tuesday saw the company's share price skyrocket by nearly 16%, thanks to an earnings report that well outpaced expectations. Fabrinet stock's performance on the day was particularly impressive considering that the S 500 index ended in negative territory, closing the day down by 0.2%.
Fabrinet closed out its fiscal 2024 in style, delivering fourth-quarter results that easily topped the average analyst estimates. For the period ended June 28, it took in more than $753 million in revenue, a figure that was 15% higher year over year. Non-GAAP (adjusted) net income leaped even higher, rising by 29% to hit $88 million, or $2.41 per share.
On average, analysts tracking the stock were expecting a notably more modest performance. Collectively, they were modeling less than $733 million on the top line, and only $2.24 per share for adjusted net profit.
Source Fool.com
Fabrinet Stock
Fabrinet is currently one of the favorites of our community with 10 Buy predictions and no Sell predictions.
As a result the target price of 252 € shows a slightly positive potential of 3.32% compared to the current price of 243.9 € for Fabrinet.
