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Mar 01, 2024
Penguin Solutions Q2 2024 Earnings Report
Reported financial results, showing a slight increase in net sales and mixed EPS performance compared to the previous quarter.
Key Takeaways
SGH reported second quarter fiscal 2024 results with net sales of $284.8 million, a 3.9% increase sequentially. GAAP EPS was $(0.26) and non-GAAP EPS was $0.27.
Net sales increased by 3.9% compared to the prior quarter, reaching $284.8 million.
GAAP gross margin was 28.8%, a decrease from 30.2% in the prior quarter.
Non-GAAP gross margin was 31.5%, a decrease from 33.3% in the prior quarter.
Non-GAAP EPS increased to $0.27 from $0.24 in the prior quarter.
Penguin Solutions
Penguin Solutions
Penguin Solutions Revenue by Segment
Revenue by Segment
Advanced Computing Revenue
CapyFin.comIntegrated Memory Revenue
CapyFin.comOptimized LED Revenue
CapyFin.com Forward Guidance
SGH is providing financial outlook for the third quarter of fiscal 2024 with net sales expected to be $300 million +/- $25 million and diluted earnings per share to be $0.30 +/- $0.15.
Positive Outlook
- Net sales are expected to be $300 million +/- $25 million.
- Gross margin is expected to be 32% +/- 1.5%.
- Operating expenses are projected to be $66 million +/- $2 million.
- Diluted earnings per share are anticipated to be $0.30 +/- $0.15.
- Diluted shares are expected to be 54.4 million.
Challenges Ahead
- GAAP diluted earnings per share are projected to be $(0.07) +/- $0.15.
- Operating expenses are expected to be $80 million +/- $2 million (GAAP).
- Gross margin is expected to be 29% +/- 1.5% (GAAP).
- Diluted shares are expected to be 52.6 million (GAAP).
- Unspecified potential changes in the global tax environment may affect the non-GAAP effective tax rate.
Revenue & Expenses
Visualization of income flow from segment revenue to net income