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May 26, 2023
Penguin Solutions Q3 2023 Earnings Report
Achieved strong operating results and record cash and equivalents.
Key Takeaways
SMART Global Holdings reported strong Q3 fiscal 2023 results with a non-GAAP gross margin increase to 28.0% and non-GAAP EPS of $0.66. The company ended the quarter with a record $401 million in cash and cash equivalents and announced an agreement to sell an 81% interest in SMART Brazil.
Net sales were $383 million, a 17.1% decrease compared to the year-ago quarter.
GAAP gross margin increased by 100 basis points year-over-year to 25.7%.
Non-GAAP EPS was $0.66, compared to $0.87 in the year-ago quarter.
The company reported record cash and cash equivalents of $401 million.
Forward Guidance
SGH is providing the following financial outlook for its fourth quarter of fiscal 2023: Net sales $375 million +/- $25 million, Gross margin 26% +/- 1%, Operating expenses $87 million +/- $2 million, Diluted earnings (loss) per share $0.02 +/- $0.15, Diluted shares 54.5 million.
Positive Outlook
- Net sales are expected to be $375 million +/- $25 million.
- Gross margin is anticipated to be 26% +/- 1%.
- Operating expenses are projected to be $87 million +/- $2 million.
- Diluted earnings per share are forecasted at $0.02 +/- $0.15.
- Diluted shares are expected to be 54.5 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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