Why Fabrinet Stock Jumped on Tuesday
Shares of Fabrinet (NYSE: FN) jumped on Tuesday. As of 11:20 a.m. ET, the stock was up more than 13%.
The maker of optical and electro-mechanical components saw its stock rise after the company reported stronger-than-expected fiscal fourth-quarter results. The tech company's top and bottom lines for the period ended June 24 were both ahead of analysts forecasts. Helping drive even more optimism, Fabrinet provided strong guidance for the current quarter and approved an expansion to its share repurchase program.
On Monday evening, Fabrinet reported revenue of about $588 million for the quarter, up from $510 million in the year-ago period. Adjusted earnings per share were $1.68, up from $1.31 in the year-ago period. Analysts, on average, were expecting earnings per share of $1.54 and revenue of $581.5 million.
Source Fool.com
