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Sep 30, 2023
Supermicro Q1 2024 Earnings Report
Reported financial results for Q1 2024.
Key Takeaways
Supermicro announced a solid start to fiscal year 2024 with Q1 revenue of $2.12 billion. The company is raising its fiscal year 2024 outlook to $10B - $11B in revenue.
Net sales reached $2.12 billion, compared to $1.85 billion in the same quarter last year.
Gross margin was 16.7%, versus 18.8% in the same quarter of last year.
Net income amounted to $157 million, compared to $184 million in the same quarter of last year.
Non-GAAP diluted net income per common share was $3.43, slightly up from $3.42 in the same quarter of last year.
Supermicro
Supermicro
Forward Guidance
For the second quarter of fiscal year 2024, the Company expects net sales of $2.7 billion to $2.9 billion, GAAP net income per diluted share of $3.75 to $4.24 and non-GAAP net income per diluted share of $4.40 to $4.88. For fiscal year 2024, the Company maintains its guidance for net sales from a range of $10 billion to $11 billion.
Positive Outlook
- Net sales are expected to be between $2.7 billion and $2.9 billion.
- GAAP net income per diluted share is projected to be $3.75 to $4.24.
- Non-GAAP net income per diluted share is forecasted to be $4.40 to $4.88.
- The company anticipates a tax rate of approximately 15.7% for GAAP.
- The company anticipates a tax rate of approximately 17.1% for non-GAAP.
Challenges Ahead
- GAAP net income per diluted share includes approximately $40 million in expected stock-based compensation, net of related tax effects of $13 million.
- Second quarter projections assume a fully diluted share count of 57.6 million shares for GAAP.
- Second quarter projections assume a fully diluted share count of 58.3 million shares for non-GAAP.
- Quarterly operating results may fluctuate, which could cause rapid declines in stock price.
- Adverse economic conditions may harm business.