Shares of optical and electronic manufacturing service provider Fabrinet (FN) - Get Report were down 16% Tuesday to $47.41 after the company issued guidance below Wall Street expectations though it did top fourth-quarter estimates.
Fabrinet reported a 17.3% increase in fourth-quarter revenue to $405.1 million and earnings of $1 a share. Analysts were expecting the company to report sales of $400 million and earnings of 94 cents.
However, the company expects to earn between 80 cents and 84 cents a share in the fiscal first quarter on revenue between $386 million and $394 million vs. analysts' expectations of earnings of 95 cents on revenue of $407 million.
"We are pleased with our strong revenue and earnings performance in the fourth quarter, which represented quarterly records for the company. These results reflect the diversity of our customers and the markets that we serve," said CEO Seamus Grady.
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