Fabrinet (FN) Q4 2024 Earnings Report

Revenue and profitability
- Q4 2024 revenue: $753.261 million, up 15% YoY and 3% QoQ; gross profit: $92.449 million; gross margin: 12.27% (rounded from 0.1227). Operating income: $73.309 million; operating margin: 9.73%. Net income: $81.066 million; net income margin: 10.76%. Non-GAAP net income: $88.0 million; non-GAAP EPS: $2.41; diluted EPS: $2.22.
- Full-year FY2024: Revenue $2.9 billion, up 9% YoY; non-GAAP EPS $8.88, up 16% YoY.
- Share repurchases: Q4 2024 ~21k shares repurchased at $170 on average ($3.5 million); FY2024 ~212k shares repurchased at $186 on average ($39 million). Free cash flow (FY2024): $368 million; operating cash flow: $413 million (up 94% YoY).
Balance sheet and liquidity
- Cash and short-term investments: $858.6 million (cash $409.97 million); net cash position: net debt ≈ -$405 million.
- Total assets: $2.338 billion; total liabilities: $0.593 billion; total stockholders’ equity: $1.7457 billion.
- Leverage: very low debt (total debt $4.99 million) and strong liquidity metrics; cash conversion and cash flow generation remain robust.
Guidance and outlook
- Q1 FY2025 revenue guidance: $760–$780 million; EPS guidance: $2.33–$2.40; expect sequential growth across major product areas; margin headwinds from merit increases, with anticipated offsetting efficiencies; FX headwinds noted due to Thai Baht strength.