Fabrinet reports Q1 adjusted EPS $2.92, consensus $2.82

Reports Q1 revenue $978.13M, consensus $935.04M. Seamus Grady, Chairman and Chief Executive Officer of Fabrinet (FN), said, “We had an outstanding first quarter with revenue of $978 million dollars, which was above our guidance range. This record result was driven by another strong telecom performance, an early contribution from new High-Performance Computing revenue, and a smaller than anticipated sequential decline in datacom revenue. With continued strong execution, our revenue upside flowed directly to the bottom line, resulting in record earnings per share that also exceeded our guidance. With multiple tailwinds, we are optimistic that we will see our growth further accelerate in the second quarter.”