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Dec 01, 2023
Penguin Solutions Q1 2024 Earnings Report
Reported record GAAP and Non-GAAP gross margins, and completed the divestiture of the Brazil business.
Key Takeaways
SMART Global Holdings reported first quarter fiscal 2024 financial results, highlighted by record GAAP and non-GAAP gross margins and the completion of the divestiture of the Brazil business. The company ended the quarter with a strong cash position of $553 million.
Net sales were $274.2 million, a decrease of 30.0% compared to the year-ago quarter.
Record GAAP gross margin reached 30.2%, an increase of 160 basis points year-over-year.
Record Non-GAAP gross margin was 33.3%, up 200 basis points compared to the previous year.
GAAP EPS was $(0.23) compared to $(0.08) in the year-ago quarter.
Forward Guidance
SGH is providing the following financial outlook for its continuing operations for the second quarter of fiscal 2024: Net sales of $285 million +/- $25 million, Gross margin of 29.5% +/- 1%, Operating expenses of $81 million +/- $3 million, and Diluted earnings (loss) per share of $(0.15) +/- $0.10.
Positive Outlook
- Net sales are expected to be $285 million +/- $25 million.
- Non-GAAP gross margin is expected to be 32.5% +/- 1%.
- Non-GAAP operating expenses are expected to be $66 million +/- $3 million.
- Non-GAAP diluted earnings per share are expected to be $0.25 +/- $0.10.
- Diluted shares are expected to be 53 million.
Challenges Ahead
- GAAP gross margin is expected to be 29.5% +/- 1%.
- GAAP operating expenses are expected to be $81 million +/- $3 million.
- GAAP diluted earnings (loss) per share are expected to be $(0.15) +/- $0.10.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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