Why Fabrinet Stock Popped After-Hours
Portfolio Pulse from Ryan Gustafson
Fabrinet (NYSE:FN) reported Q4 earnings of $1.86 per share, beating the analyst consensus estimate of $1.80. The company also reported quarterly sales of $655.87 million, beating the analyst consensus estimate of $641.41 million. Fabrinet issued Q1 earnings guidance between $1.83 and $1.90 per share, and revenue between $650 million and $670 million. The company's Board of Directors approved the repurchase of up to an additional $47.6 million of Fabrinet's ordinary shares.
August 21, 2023 | 8:45 pm
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POSITIVE IMPACT
Fabrinet reported better than expected Q4 earnings and sales, issued Q1 guidance, and announced a share repurchase program. This news led to a rise in the company's stock price in after-hours trading.
Fabrinet's better than expected Q4 results and positive Q1 guidance indicate strong performance and potential growth, which is likely to attract investors and drive the stock price up. The announced share repurchase program also signals the company's confidence in its stock, which can further boost investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100