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Dec 31, 2023
Supermicro Q2 2024 Earnings Report
Reported record revenue with year-over-year growth of 103%.
Key Takeaways
Supermicro announced its Q2 2024 financial results, reporting record revenue of $3.66 billion, a 103% increase year-over-year. The company's net income was $296 million, or $5.10 per diluted share, and non-GAAP diluted net income per share was $5.59. Due to continued strong demand, Supermicro raised its fiscal year 2024 revenue outlook to $14.3 billion to $14.7 billion.
Net sales reached $3.66 billion, compared to $1.80 billion in the same quarter last year.
Net income was $296 million, up from $176 million in the same quarter last year.
Diluted net income per common share was $5.10, compared to $3.14 in the same quarter last year.
Non-GAAP diluted net income per common share was $5.59, compared to $3.26 in the same quarter last year.
Supermicro
Supermicro
Forward Guidance
For the third quarter of fiscal year 2024, Supermicro expects net sales of $3.7 billion to $4.1 billion, GAAP net income per diluted share of $4.79 to $5.64 and non-GAAP net income per diluted share of $5.20 to $6.01. For fiscal year 2024, the company is raising its revenue guidance from a range of $10 billion to $11 billion to a range of $14.3 billion to $14.7 billion.
Positive Outlook
- Net sales are expected to be between $3.7 billion and $4.1 billion.
- GAAP net income per diluted share is projected to be between $4.79 and $5.64.
- Non-GAAP net income per diluted share is anticipated to be between $5.20 and $6.01.
- The company's projections assume a tax rate of approximately 13.8% for GAAP.
- The company's projections assume a tax rate of approximately 15.8% for non-GAAP.
Challenges Ahead
- Outlook for third quarter of fiscal year 2024 GAAP net income per diluted share includes approximately $28 million in expected stock-based compensation, net of related tax effects of $14 million that are excluded from non-GAAP net income per diluted share.
- Quarterly operating results may fluctuate, which could cause rapid declines in the stock price.
- As the company increasingly targets larger customers and larger sales opportunities, the customer base may become more concentrated, the cost of sales may increase, the margins may be lower and sales may be less predictable.
- If the company fails to meet publicly announced financial guidance or other expectations about its business, the stock could decline in value.
- Adverse economic conditions may harm the business.