Shares of Fabrinet (NYSE: FN), a manufacturer of advanced optical and electro-mechanical components, soared 29% by 1:15 p.m. ET on Tuesday after the company reported earnings beats on both the top and bottom lines last night.

It was expected to report only $1.80 per share in profits on sales of $641.4 million, but instead announced that in its fiscal fourth quarter of 2023, earnings topped $1.86 per share, pro forma, and sales hit $655.9 million.  

Fabrinet grew its sales 11.5% year over year in the fourth quarter, and earnings per share under generally accepted accounting principles (GAAP) were up only 9.2% -- not exactly rampant growth. Moreover, those earnings ($1.65 per share) were noticeably smaller than the $1.86 that analysts are focusing on today.  

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Source Fool.com