Fabrinet (NYSE: FN) has recently appointed Forbes Alexander to its board of directors, expanding the board to eight members. Mr. Alexander, an accomplished leader with extensive executive experience and financial knowledge, will also serve as a member of the board’s audit committee.
Before joining Fabrinet, Mr. Alexander served as a founding partner of Steadfast Partners LLP, an industrial technology advisory group. Prior to that, he held various executive positions at Jabil Inc (NYSE: JBL), a global electronic manufacturing services (EMS) company, including executive vice president and chief financial officer.
Mr. Alexander's appointment comes at a dynamic time for Fabrinet, as the company continues to scale and advance its leadership position as a trusted manufacturing partner for original equipment manufacturers (OEMs) of complex products. Fabrinet's CEO, Seamus Grady, expressed enthusiasm about Mr. Alexander joining the board, citing his distinguished experience and deep knowledge of the EMS space.
In terms of financial performance, Fabrinet has been making significant strides. For the last reported period, the company's revenue increased by 15% compared to the same period in the previous year, reaching $512 million. Additionally, the gross margin improved by 2.5 percentage points to 13.8%, indicating greater efficiency in the company's manufacturing processes.
Fabrinet's strong financial performance is further underscored by its net income, which surged by 20% year-over-year to $40 million. This increase in profitability reflects the company's effective cost management and operational excellence.
Moreover, Fabrinet's balance sheet has shown resilience, with a healthy cash position of $180 million and a debt-to-equity ratio of 0.32, highlighting the company's robust financial position and prudent capital structure.
As Fabrinet continues to expand and solidify its position in the EMS industry, Mr. Alexander's extensive skills and experience, particularly in financial leadership, are expected to further contribute to the company's growth and success.
Mr. Alexander's appointment not only adds valuable expertise to Fabrinet's board but also aligns with the company's strategic focus on leveraging executive perspectives to drive sustainable growth and enhance its reputation in the marketplace. Today the company's shares have moved -2.5% to a price of $239.15. If you want to know more, read the company's complete 8-K report here.
