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Nov 25, 2022
Penguin Solutions Q1 2023 Earnings Report
Reported financial results with record non-GAAP gross margins, reflecting focus on higher quality revenue.
Key Takeaways
SMART Global Holdings, Inc. reported first quarter fiscal 2023 financial results with net sales of $465 million and non-GAAP gross margins of 27.8%. The company is strategically investing in its business while managing operations in a prudent manner.
Net sales increased to $465 million, up 6.3% versus the prior quarter.
GAAP gross margin increased to 25.4%, up 170 basis points versus the prior quarter.
Non-GAAP gross margin increased to 27.8%, up 320 basis points versus the prior quarter.
Closed acquisition of Stratus Technologies on August 29, 2022
Penguin Solutions
Penguin Solutions
Forward Guidance
SGH is providing the following financial outlook for its second quarter of fiscal 2023
Positive Outlook
- Net sales are expected to be between $410 to $460 million.
- Gross margin is expected to be between 25% to 27%.
- Non-GAAP gross margin is expected to be between 26% to 28%.
- Diluted earnings per share is expected to be $0.13 +/- $0.15.
- Non-GAAP diluted earnings per share is expected to be $0.60 +/- $0.15.