Stock Alert: Fabrinet Shares Up After Earnings Surpass Estimates

(RTTNews) - Shares of Fabrinet (FN) are rising more than 10% on Tuesday after the company reported better-than-expected second-quarter earnings.

Adjusted EPS in the second quarter rose to $1 from $0.97 in the comparable quarter last year. Analysts were expecting $0.93 per share. However, net income slightly decreased to $31.2 million or $0.83 per share in the quarter, compared with $31.5 million or $0.84 per share in the year-earlier quarter.

Revenue increased to $426.2 million from $403.1 million in the corresponding period last year.

For the third-quarter, Fabrinet expects revenue to be in the range of $410 million to $418 million. This compares with the Street estimate of $414.21 million. Adjusted EPS for the third quarter is expected between $0.92 and $0.95. Analysts see earnings of $0.95 for the quarter.

Fabrinet has been on an uptrend from October last year. The stock has gained nearly 40% in the past four months. FN is currently trading at $70.69, close to its 52-week high of $71.10.