Fabrinet 4Q profit falls in aftermath of floodsThe Associated Press
NEW YORK -- Fabrinet, which assembles optical, electro-mechanical and electronic devices for other companies, said its fiscal fourth-quarter net income fell 55 percent from a year ago because of flooding at its factories in Thailand.
Fabrinet, which has its operational headquarters in Bangkok, was one of many technology companies that had factories devastated this winter by flooding. It now says that production capacity is back to pre-flood levels.
The company said late Monday that it earned $7.5 million, or 22 cents per share, in the quarter that ended June 29, compared with $16.7 million, or 48 cents per share, a year earlier. Revenue fell 25 percent to $142.8 million.
Excluding one-time items, adjusted earnings were 31 cents per share in the latest quarter.
Analysts polled by FactSet expected an adjusted profit of 29 cents per share on revenue of $142.5 million.
For its fiscal first quarter, the company expects to earn between 30 and 32 cents per share on revenue of $145 million to $149 million.
Analysts expect a profit of 28 cents per share on revenue of $152.8 million.
For the full fiscal year, the company lost $56.5 million, or $1.64 per share, compared with net income of $64.3 million, or $1.87 per share, in the previous fiscal year.
Revenue fell to $564.7 million from $743.6 million.
Fabrinet shares rose 35 cents, or 2.6 percent, to $13.72 in Tuesday midday trading.