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Fabrinet (FN-9.93%) has submitted its 10-Q filing for the quarterly period ended December 27, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $833.6 million from $712.7 million in the same quarter the previous year. This increase is attributed to higher demand for optical communications products.
Cost of revenues for the quarter was $732.8 million, representing 87.9% of revenues, compared to 87.6% in the same quarter of the previous year. This increase in cost ratio is in line with the increase in sales volume.
The company reported a gross profit of $100.8 million for the quarter, compared to $88.3 million in the previous year, with the increase attributed to higher sales volume.
Selling, general, and administrative expenses increased to $21.2 million from $19.3 million, primarily due to higher executive compensation and research and development expenses.
Net income for the quarter was $86.6 million, up from $69.1 million in the previous year. The increase in net income is due to higher revenues and gross profit.
Cash provided by operating activities was $199.1 million, while cash used in investing and financing activities was $116.1 million and $89.4 million, respectively.
Fabrinet had cash, cash equivalents, and short-term investments totaling $934.6 million as of December 27, 2024. The company believes its current cash and resources will be sufficient to meet its working capital and capital expenditure needs for at least the next 12 months.
The filing also details various risks, including dependence on a small number of customers, competition, and potential impacts from foreign currency exchange rate fluctuations.
Fabrinet continues to focus on expanding its manufacturing capacity and diversifying its services across other markets within the optics industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fabrinet quarterly 10-Q report dated February 4, 2025. To report an error, please email earnings@qz.com.