Shares of Fabrinet declined despite reporting fourth-quarter results and giving a first-quarter forecast that topped Wall Street's estimates.

The stock fell 6.6% to $559 in late trading on Monday. At market close, shares were up 31% year to date.

The company, which provides optical packaging and manufacturing services to original equipment manufacturers, posted a fourth-quarter profit of $139.3 million, or $3.83 a share, compared with $87.2 million, or $2.42 a share, a year earlier.

Adjusted earnings per share were $4.10, topping estimates of $3.81 a share according to analysts polled by FactSet.

Revenue climbed 45% to $1.32 billion, above analyst estimates of $1.28 billion.

The company guided for continued growth in the current quarter for revenue of $1.38 billion to $1.43 billion, above analysts' projection of $1.32 billion. The company expects adjusted per-share earnings of $4.10 to $4.25, above analysts' forecasts of $3.98.

"We remain very optimistic about the strength of our business and durability in the growth trends we are seeing, as multiple, significant growth drivers across our business contribute to our success," Chief Executive Seamus Grady said.