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Dec 29, 2023
Macom Q1 2024 Earnings Report
MACOM's Q1 2024 financial results were announced, revealing a mix of revenue decrease compared to the previous year but an increase compared to the prior quarter.
Key Takeaways
MACOM reported Q1 2024 revenue of $157.1 million, a 12.7% decrease year-over-year but a 4.5% increase sequentially. GAAP net income was $12.5 million, or $0.17 per diluted share, while non-GAAP net income was $41.8 million, or $0.58 per diluted share. The company is expecting Q2 revenue between $178 million and $184 million.
Revenue decreased by 12.7% compared to the previous year fiscal first quarter but increased 4.5% compared to the prior fiscal quarter.
GAAP net income was $12.5 million, or $0.17 per diluted share.
Adjusted non-GAAP net income was $41.8 million, or $0.58 per diluted share.
The company anticipates revenue between $178 million and $184 million for the fiscal second quarter ending March 29, 2024.
Forward Guidance
For the fiscal second quarter ending March 29, 2024, MACOM expects revenue to be in the range of $178 million to $184 million. Adjusted gross margin is expected to be between 56% and 58%, and adjusted earnings per diluted share is expected to be between $0.56 and $0.62 utilizing an anticipated non-GAAP income tax rate of 3% and 73.0 million fully diluted shares outstanding.
Positive Outlook
- Revenue is expected to be in the range of $178 million to $184 million.
- Adjusted gross margin is expected to be between 56% and 58%.
- Adjusted earnings per diluted share is expected to be between $0.56 and $0.62.
- Anticipated non-GAAP income tax rate of 3%.
- 73.0 million fully diluted shares outstanding are expected.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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