12:23 PM EDT, 08/20/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Fabrinet ( FN ) shares were up over 18% in recent Tuesday trading after the company overnight reported higher fiscal Q4 earnings and sales, beating expectations, and unveiled an expanded stock buyback program.

The company reported fiscal Q4 non-GAAP earnings late Monday of $2.41 per diluted share, up from $1.86 a year earlier.

Analysts polled by Capital IQ expected $2.24.

Revenue for the quarter ended June 28 was $753.3 million, up from $655.9 million a year earlier.

Analysts surveyed by Capital IQ expected $732.6 million.

The company said it expects fiscal Q1 non-GAAP EPS between $2.33 and $2.40 and revenue between $760 million and $780 million.

Analysts polled by Capital IQ expect normalized EPS of $2.26 on revenue of $751.9 million.

Fabrinet ( FN ) said its board approved an expansion of the company's share buyback plan, authorizing the repurchase of up to an additional $139.5 million of shares. The move increases the total authorization under its share buyback program to $434.3 million, with $200 million remaining, the company said.

Price: 274.10, Change: +42.55, Percent Change: +18.37