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Fabrinet profit misses consensus by 28.4% in fiscal Q3

Fabrinet said its normalized net income for the fiscal third quarter ended March 25 came to 38 cents per share, compared with the S&P Capital IQ consensus estimate of 53 cents per share.

EPS rose 83.9% year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $14.1 million, a gain of 88.9% from $7.5 million in the year-earlier period.

The normalized profit margin rose to 5.5% from 3.9% in the year-earlier period.

Total revenue grew 32.4% on an annual basis to $250.9 million from $189.5 million, and total operating expenses rose 30.3% year over year to $231.3 million from $177.5 million.

Reported net income grew 91.7% on an annual basis to $20.8 million, or 56 cents per share, from $10.8 million, or 30 cents per share.