Richest Thai Sees $10 Billion Hydro, LNG Projects Driving Growth
Sarath's flagship company, Gulf Development Pcl, and partners are working with banks on a roughly $9 billion funding plan for three hydro plants with total generating capacity of 3,100 megawatts, he said. Construction on a $1 billion LNG import terminal project — Thailand's third — will start later this year before commercial operations scheduled in 2029.
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Yahoo
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- Yahoo
Fabrinet Announces Fourth Quarter and Fiscal Year 2025 Financial Results
BANGKOK, Aug. 18, 2025 (GLOBE NEWSWIRE) -- Fabrinet (NYSE: FN), a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced its financial results for its fourth quarter and fiscal year ended June 27, 2025. Seamus Grady, Chief Executive Officer of Fabrinet, said, 'Our fourth quarter was exceptional, capping off a remarkable year with strong momentum. We achieved record quarterly revenue of $910 million, exceeding our guidance range. Through excellent execution, our non-GAAP EPS also reached a new all-time high. For all of fiscal year 2025, we achieved record revenue of $3.4 billion, an increase of 19% from the prior year. We're encouraged by the growing demand across all areas of our business and remain optimistic that these favorable trends will carry into the first quarter and beyond.' Fourth Quarter Fiscal Year 2025 Financial Highlights GAAP Results Revenue for the fourth quarter of fiscal year 2025 was $909.7 million, compared to $753.3 million for the fourth quarter of fiscal year 2024. GAAP net income for the fourth quarter of fiscal year 2025 was $87.2 million, compared to $81.1 million for the fourth quarter of fiscal year 2024. GAAP net income per diluted share for the fourth quarter of fiscal year 2025 was $2.42, compared to $2.22 for the fourth quarter of fiscal year 2024. Non-GAAP Results Non-GAAP net income for the fourth quarter of fiscal year 2025 was $95.6 million, compared to $88.0 million for the fourth quarter of fiscal year 2024. Non-GAAP net income per diluted share for the fourth quarter of fiscal year 2025 was $2.65, compared to $2.41 for the fourth quarter of fiscal year 2024. Fiscal Year 2025 Financial Highlights GAAP Results Revenue for fiscal year 2025 was $3.42 billion, compared to $2.88 billion for fiscal year 2024. GAAP net income for fiscal year 2025 was $332.5 million, compared to $296.2 million for fiscal year 2024. GAAP net income per diluted share for fiscal year 2025 was $9.17, compared to $8.10 for fiscal year 2024. Non-GAAP Results Non-GAAP net income for fiscal year 2025 was $368.8 million, compared to $324.6 million for fiscal year 2024. Non-GAAP net income per diluted share for fiscal year 2025 was $10.17, compared to $8.88 for fiscal year 2024. Business Outlook Based on information available as of August 18, 2025, Fabrinet is issuing guidance for its first fiscal quarter ending September 26, 2025, as follows: Fabrinet expects first quarter revenue to be in the range of $910 million to $950 million. GAAP net income per diluted share is expected to be in the range of $2.48 to $2.63, based on approximately 36.1 million fully diluted shares outstanding. Non-GAAP net income per diluted share is expected to be in the range of $2.75 to $2.90, based on approximately 36.1 million fully diluted shares outstanding. Guidance for non-GAAP net income per diluted share excludes share-based compensation expenses and certain non-recurring items. A reconciliation of non-GAAP net income per diluted share to the corresponding GAAP measure is available at the end of this press release. Conference Call Information What: Fabrinet Fourth Quarter Fiscal Year 2025 Financial Results Call When: August 18, 2025 Time: 5:00 p.m. ET Live Call and Replay: A recorded version of this webcast will be available approximately two hours after the call and accessible at The webcast will be archived on Fabrinet's website for a period of one year. About Fabrinet Fabrinet is a leading provider of advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and subsystems, automotive components, medical devices, industrial lasers and sensors. Fabrinet offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, advanced packaging, integration, final assembly and testing. Fabrinet focuses on production of high complexity products in any mix and any volume. Fabrinet maintains engineering and manufacturing resources and facilities in Thailand, the United States of America, the People's Republic of China, and Israel. For more information visit: Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include: (1) our optimism that positive business trends will extend into the first quarter of fiscal 2026 and beyond; and (2) all of the statements under the 'Business Outlook' section regarding our expected revenue, GAAP and non-GAAP net income per share, and fully diluted shares outstanding for the first quarter of fiscal year 2026. These forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: changes in general economic conditions, either globally or in our markets, and the risk of recession or an economic downturn; disruption to our supply chain, which could increase our costs and affect our ability to procure parts and materials; less customer demand for our products and services than forecasted; less growth in the optical communications, automotive, industrial lasers and sensors markets than we forecast; difficulties expanding into additional markets, such as the semiconductor processing, biotechnology, metrology and materials processing markets; increased competition in the optical manufacturing services markets; difficulties in delivering products and services that compete effectively from a price and performance perspective; our reliance on a small number of customers and suppliers; difficulties in managing our operating costs; difficulties in managing and operating our business across multiple countries (including Thailand, the People's Republic of China, Israel and the U.S.); and other important factors as described in reports and documents we file from time to time with the Securities and Exchange Commission (SEC), including the factors described under the section captioned 'Risk Factors' in our Quarterly Report on Form 10-Q filed with the SEC on May 6, 2025. We disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise. Non-GAAP Financial Measures In addition to reporting financial results in accordance with GAAP, we provide investors with certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. We believe these non-GAAP financial measures provide investors with useful supplemental information to: (1) measure company performance against historical results, (2) facilitate comparisons to our competitors' operating results, and (3) allow greater transparency with respect to information used by management in making financial and operational decisions. In addition, we use some of these non-GAAP financial measures to measure company performance for the purposes of determining employee incentive plan compensation. Non-GAAP gross profit, non-GAAP operating profit, non-GAAP net income and non-GAAP net income per diluted share exclude: share-based compensation expenses; severance payment and others; restructuring and other related costs; legal and litigation costs; and amortization of deferred debt issuance costs. We have excluded these items in order to enhance investors' understanding of our underlying operations. Non-GAAP free cash flow is net cash provided by (used in) operating activities, minus capital expenditures (purchase of property, plant and equipment). We use free cash flow to measure our ability to generate additional cash from our business operations. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We urge you to review the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business. Investor Contact:Garo Toomajanianir@ BALANCE SHEETS (in thousands of U.S. dollars, except share data and par value) June 27,2025 June 28,2024 (unaudited) Assets Current assets Cash and cash equivalents $ 306,425 $ 409,973 Short-term investments 627,819 448,630 Trade accounts receivable, net of allowance for expected credit losses of $1,344 and $1,629, respectively 758,894 592,452 Inventories 581,015 463,206 Prepaid expenses 38,476 10,620 Other current assets 116,210 87,810 Total current assets 2,428,839 2,012,691 Non-current assets Property, plant and equipment, net 380,640 307,240 Intangibles, net 2,156 2,321 Operating right-of-use assets 5,768 5,336 Deferred tax assets 13,406 10,446 Other non-current assets 623 485 Total non-current assets 402,593 325,828 Total Assets $ 2,831,432 $ 2,338,519 Liabilities and Shareholders' Equity Current liabilities Trade accounts payable 637,417 441,835 Fixed assets payable 40,781 14,380 Operating lease liabilities, current portion 1,792 1,355 Income tax payable 7,939 3,937 Accrued payroll, bonus and related expenses 24,566 22,116 Accrued expenses 30,630 19,916 Other payables 66,717 54,403 Total current liabilities 809,842 557,942 Non-current liabilities Deferred tax liability 1,595 4,895 Operating lease liabilities, non-current portion 3,679 3,635 Severance liabilities 31,225 24,093 Other non-current liabilities 3,279 2,209 Total non-current liabilities 39,778 34,832 Total Liabilities 849,620 592,774 Shareholders' equity Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares issued and outstanding as of June 27, 2025 and June 28, 2024) — — Ordinary shares (500,000,000 shares authorized, $0.01 par value; 39,602,152 shares and 39,457,462 shares issued as of June 27, 2025 and June 28, 2024, respectively; and 35,728,074 shares and 36,145,242 shares outstanding as of June 27, 2025 and June 28, 2024, respectively) 396 395 Additional paid-in capital 237,881 222,044 Less: Treasury shares (3,874,078 shares and 3,312,220 shares as of June 27, 2025 and June 28, 2024, respectively) (360,056 ) (234,323 ) Accumulated other comprehensive income (loss) 10,294 (3,141 ) Retained earnings 2,093,297 1,760,770 Total Shareholders' Equity 1,981,812 1,745,745 Total Liabilities and Shareholders' Equity $ 2,831,432 $ 2,338,519 FABRINETCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME Three Months Ended Year Ended (in thousands of U.S. dollars, except per share data) June 27,2025 June 28,2024 June 27,2025 June 28,2024 (unaudited) (unaudited) (unaudited) Revenues $ 909,692 $ 753,261 $ 3,419,327 $ 2,882,967 Cost of revenues (798,401 ) (660,812 ) (3,005,978 ) (2,526,849 ) Gross profit 111,291 92,449 413,349 356,118 Selling, general and administrative expenses (22,166 ) (19,108 ) (87,466 ) (78,481 ) Restructuring and other related costs (69 ) (32 ) (1,436 ) (32 ) Operating income 89,056 73,309 324,447 277,605 Interest income 7,770 11,049 40,162 33,204 Interest expense — (17 ) — (124 ) Foreign exchange gain (loss), net (3,523 ) 407 (9,251 ) 382 Other income (expense), net (67 ) 227 (178 ) 287 Income before income taxes 93,236 84,975 355,180 311,354 Income tax expense (6,029 ) (3,909 ) (22,653 ) (15,173 ) Net income 87,207 81,066 332,527 296,181 Other comprehensive income (loss), net of tax: Change in net unrealized gain (loss) on available-for-sale securities 246 (55 ) 9,893 2,100 Change in net unrealized gain (loss) on derivative instruments 1,407 1,499 2,314 2,561 Change in net retirement benefits plan – prior service cost — 59 — 330 Change in foreign currency translation adjustment 92 14 1,228 (17 ) Total other comprehensive income (loss), net of tax 1,745 1,517 13,435 4,974 Net comprehensive income $ 88,952 $ 82,583 $ 345,962 $ 301,155 Earnings per share Basic $ 2.44 $ 2.24 $ 9.23 $ 8.17 Diluted $ 2.42 $ 2.22 $ 9.17 $ 8.10 Weighted-average number of ordinary shares outstanding (in thousands of shares) Basic 35,788 36,150 36,017 36,246 Diluted 36,084 36,533 36,267 36,564 FABRINETCONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended (in thousands of U.S. dollars) June 27,2025 June 28,2024 (unaudited) Cash flows from operating activities Net income $ 332,527 $ 296,181 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 53,433 49,017 (Gain) loss on disposal of property, plant and equipment and intangibles (70 ) 62 Amortization of discount (premium) of short-term investments (4,563 ) (3,399 ) (Reversal of) allowance for expected credit losses (285 ) 664 Unrealized loss (gain) on exchange rate and fair value of foreign currency forward contracts 4,963 (849 ) Amortization of fair value at hedge inception of interest rate swaps — (220 ) Share-based compensation 33,004 28,374 Customer warrant 4,109 — Deferred income tax expense (benefit) (5,726 ) 1,672 Other non-cash expenses 131 310 Changes in operating assets and liabilities Trade accounts receivable (165,657 ) (61,279 ) Inventories (117,809 ) 56,370 Other current assets and non-current assets (33,595 ) (46,715 ) Trade accounts payable 194,236 60,040 Income tax payable 4,029 (1,960 ) Accrued expenses 13,036 1,398 Other payables 11,522 30,959 Severance liabilities 3,799 2,771 Other current liabilities and non-current liabilities 1,281 (250 ) Net cash provided by operating activities 328,365 413,146 Cash flows from investing activities Purchase of short-term investments (444,149 ) (435,905 ) Proceeds from sales of short-term investments — 40,000 Proceeds from maturities of short-term investments 279,417 271,877 Purchase of property, plant and equipment (121,078 ) (47,528 ) Purchase of intangibles (738 ) (889 ) Proceeds from disposal of property, plant and equipment 252 2,694 Net cash used in investing activities (286,296 ) (169,751 ) Cash flows from financing activities Repayment of long-term borrowings — (12,188 ) Repurchase of ordinary shares (125,733 ) (39,490 ) Withholding tax related to net share settlement of restricted share units (21,275 ) (13,175 ) Net cash used in financing activities (147,008 ) (64,853 ) Net increase (decrease) in cash and cash equivalents $ (104,939 ) $ 178,542 Movement in cash and cash equivalents Cash and cash equivalents at the beginning of period $ 409,973 $ 231,368 Increase (decrease) in cash and cash equivalents (104,939 ) 178,542 Effect of exchange rate on cash and cash equivalents 1,391 63 Cash and cash equivalents at the end of period $ 306,425 $ 409,973 FABRINETCONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) Supplemental disclosures Year Ended (in thousands of U.S. dollars) June 27,2025 June 28,2024 (unaudited) Cash paid for Interest $ — $ 312 Taxes $ 24,302 $ 16,452 Cash received for interest $ 33,718 $ 29,783 Non-cash investing and financing activities Construction, software and equipment related payables $ 40,781 $ 14,380FABRINETRECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (UNAUDITED) Reconciliation of GAAP Gross Profit and GAAP Gross Margin to Non-GAAP Gross Profit and Non-GAAP Gross Margin Three Months Ended Year Ended (in thousands of U.S. dollars) June 27,2025 June 28,2024 June 27,2025 June 28,2024 Revenues $ 909,692 $ 753,261 $ 3,419,327 $ 2,882,967 Gross profit (GAAP) $ 111,291 12.2 % $ 92,449 12.3 % $ 413,349 12.1 % $ 356,118 12.4 % Share-based compensation expenses 2,573 1,776 10,456 7,203 Gross profit (Non-GAAP) $ 113,864 12.5 % $ 94,225 12.5 % $ 423,805 12.4 % $ 363,321 12.6 %Reconciliation of GAAP Operating Profit and GAAP Operating Margin to Non-GAAP Operating Profit and Non-GAAP Operating Margin Three Months Ended Year Ended (in thousands of U.S. dollars) June 27,2025 June 28,2024 June 27,2025 June 28,2024 Revenues $ 909,692 $ 753,261 $ 3,419,327 $ 2,882,967 Operating profit (GAAP) $ 89,056 9.8 % $ 73,309 9.7 % $ 324,447 9.5 % $ 277,605 9.6 % Share-based compensation expenses 8,101 6,934 33,004 28,374 Restructuring and other related costs 69 32 1,436 32 Legal and litigation costs 250 — 1,077 — Severance payment and others — — 748 — Operating profit (Non-GAAP) $ 97,476 10.7 % $ 80,275 10.7 % $ 360,712 10.5 % $ 306,011 10.6 %FABRINETRECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (UNAUDITED) Reconciliation of GAAP Net Income and EPS to Non-GAAP Net Income and EPS Three Months Ended Year Ended June 27,2025 June 28,2024 June 27,2025 June 28,2024 (in thousands of U.S. dollars, except per share data) Netincome DilutedEPS Netincome DilutedEPS Netincome DilutedEPS Netincome DilutedEPS GAAP measures $ 87,207 $ 2.42 $ 81,066 $ 2.22 $ 332,527 $ 9.17 $ 296,181 $ 8.10 Items reconciling GAAP net income & EPS to non-GAAP net income & EPS: Related to cost of revenues: Share-based compensation expenses 2,573 0.07 1,776 0.05 10,456 0.29 7,203 0.20 Total related to cost of revenues 2,573 0.07 1,776 0.05 10,456 0.29 7,203 0.20 Related to selling, general and administrative expenses: Share-based compensation expenses 5,528 0.15 5,158 0.14 22,548 0.62 21,171 0.58 Legal and litigation costs 250 0.01 — — 1,077 0.03 — — Severance payment and others — — — — 748 0.02 — — Total related to selling, general and administrative expenses 5,778 0.16 5,158 0.14 24,373 0.67 21,171 0.59 Related to other income and expense: Restructuring and other related costs 69 0.00 32 0.00 1,436 0.04 32 0.00 Amortization of deferred debt issuance costs — — 8 0.00 — — 32 0.00 Total related to other income and expense 69 0.00 40 0.00 1,436 0.04 64 0.00 Total related to net income & EPS 8,420 0.23 6,974 0.19 36,265 1.00 28,438 0.78 Non-GAAP measures $ 95,627 $ 2.65 $ 88,040 $ 2.41 $ 368,792 $ 10.17 $ 324,619 $ 8.88 Shares used in computing diluted net income per share (in thousands of shares) GAAP diluted shares 36,084 36,533 36,267 36,564 Non-GAAP diluted shares 36,084 36,533 36,267 36,564FABRINETRECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED) (in thousands of U.S. dollars) Three Months Ended Year Ended June 27,2025 June 28,2024 June 27,2025 June 28,2024 Net cash provided by operating activities $ 55,093 $ 83,062 $ 328,365 $ 413,146 Less: Purchase of property, plant and equipment (50,410 ) (12,703 ) (121,078 ) (47,528 ) Non-GAAP free cash flow $ 4,683 $ 70,359 $ 207,287 $ 365,618 FABRINETGUIDANCE FOR QUARTER ENDING SEPTEMBER 26, 2025RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES DilutedEPS GAAP net income per diluted share $2.48 to $2.63 Related to cost of revenues: Share-based compensation expenses 0.10 Total related to cost of revenues 0.10 Related to selling, general and administrative expenses: Share-based compensation expenses 0.17 Total related to selling, general and administrative expenses 0.17 Total related to net income & EPS 0.27 Non-GAAP net income per diluted share $2.75 to $2.90
Yahoo
an hour ago
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Utility to buy power from advanced nuclear plant to power Tennessee and Alabama Google data centers
NASHVILLE, Tenn. (AP) — The nation's largest public utility plans to buy power from an upcoming advanced nuclear plant to help fuel Google data centers in Tennessee and Alabama, according to a deal announced Monday. The Tennessee Valley Authority, California-based Kairos Power and Google say the agreement will deliver up to 50 megawatts of energy to the federal utility's grid that powers the data centers. The announcement comes at a time when tech companies expect to require a massive amount of power to fuel data centers behind artificial intelligence, and some of them have been especially interested in new nuclear production. President Donald Trump released a plan last month to boost AI and build data centers across the U.S. and in May signed executive orders aimed at boosting nuclear power. TVA says it is the first U.S. utility to sign a power purchase agreement to buy electricity from a next-generation nuclear reactor. It would rely on the Hermes 2 reactor in Oak Ridge, Tennessee, which is scheduled to begin operations in 2030. The agreement will power data centers in Montgomery County, Tennessee, and Jackson County, Alabama, and support future growth in the region, the news release said. Google will receive clean energy credits associated with the plant. 'This collaboration with TVA, Kairos Power, and the Oak Ridge community will accelerate the deployment of innovative nuclear technologies and help support the needs of our growing digital economy while also bringing firm carbon-free energy to the electricity system,' Amanda Peterson Corio, Google's global head of data center energy, said in the news release. Hermes 2 is the first reactor under a deal between Kairos Power and Google to bring on 500 megawatts of new, advanced nuclear power production to help cover the tech giant's increased demand for electricity. The new kind of nuclear reactor uses fluoride salt-cooled, high-temperature reactor technology. It uses molten salt as a coolant. Another test version of the plant in Oak Ridge, named Hermes, does not produce electricity. The Hermes 2 plant received a construction permit from the Nuclear Regulatory Commission in November. The plant still has more steps to complete, including an application for an operating license from the Nuclear Regulatory Commission. Many next-generation reactors, including Kairos' Hermes 2, will use high-assay low-enriched uranium. The fuel is enriched to a higher level than traditional large nuclear reactors use, allowing the newer reactors to run longer and more efficiently, sit on smaller footprints and produce less waste, according to the Department of Energy. There's little of it made in the United States right now. But companies are investing to ramp up production, including in Oak Ridge. The Tennessee Valley Authority powers 10 million people across seven southern states. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Skift
an hour ago
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IHCL Reaches 250 Hotel Milestone with Goa Opening
The Thai Hotels Association said the July Hotel Business Confidence Index Survey showed an average hotel occupancy rate of 58%, up from June, but it also reflected a projected decline in Q3 foreign tourist arrivals year-over-year, especially for hotels in the Central and Southern regions, where Chinese and short-haul markets are expected to contract more sharply than elsewhere. Nearly 30% of the operators expect Chinese guest numbers to fall by more than 30% year-on-year, with another 18% expect those numbers to drop 21% to 30%. There were 19% expecting a fall of 11% to 20%. For the short-haul market, 28% forecast a decrease of 11% to 20%, 26% expect a drop of no more than 10%, and 19% foresee a decline of over 20%. While long-haul growth is expected in the Northern tourist areas, 27% of hoteliers expect a fall of up to 10%, 21% forecast a decline of 11% to 20%, and 16% expect a drop of more than 20%. 47% of hoteliers expect the government's Half-Half Thai Travel domestic s
