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Fabrinet profit misses consensus by 20.0% in fiscal Q2

Fabrinet said its normalized net income for the fiscal second quarter ended Dec. 25, 2015, came to 37 cents per share, compared with the S&P Capital IQ consensus estimate of 46 cents per share.

EPS climbed 94.0% year over year from 19 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $13.6 million, an increase of 98.9% from $6.8 million in the prior-year period.

The normalized profit margin increased to 5.7% from 3.6% in the year-earlier period.

Total revenue rose 23.7% year over year to $233.0 million from $188.4 million, and total operating expenses grew 22.6% from the prior-year period to $217.7 million from $177.6 million.

Reported net income rose year over year to $19.9 million, or 54 cents per share, from $8.6 million, or 24 cents per share.