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Mar 31, 2024
Supermicro Q3 2024 Earnings Report
Reported record revenue and earnings, driven by strong demand for AI solutions.
Key Takeaways
Supermicro reported record Q3 fiscal year 2024 results, with revenue of $3.85 billion and non-GAAP EPS of $6.65, driven by strong demand for AI rack scale PnP solutions and innovative DLC designs. The company is raising its fiscal year 2024 revenue outlook to a range of $14.7 to $15.1 billion.
Net sales reached $3.85 billion, a 200% increase year-over-year.
Net income was $402 million, compared to $86 million in the same quarter last year.
Diluted net income per common share was $6.56, up from $1.53 year-over-year.
Non-GAAP diluted net income per common share was $6.65, compared to $1.63 in the same quarter of last year.
Supermicro
Supermicro
Forward Guidance
For the fourth quarter of fiscal year 2024, Supermicro expects net sales of $5.1 billion to $5.5 billion, GAAP net income per diluted share of $7.20 to $8.05 and non-GAAP net income per diluted share of $7.62 to $8.42. For fiscal year 2024, the company is raising its guidance for revenues from a range of $14.7 billion to $15.1 billion and establishing guidance for GAAP net income per diluted share of $21.61 to $22.46 and non-GAAP net income per diluted share of $23.29 to $24.09.
Positive Outlook
- Net sales are expected to be between $5.1 billion and $5.5 billion.
- GAAP net income per diluted share is projected to be $7.20 to $8.05.
- Non-GAAP net income per diluted share is expected to be $7.62 to $8.42.
- Fiscal year 2024 revenue guidance is raised to $14.7 billion to $15.1 billion.
- GAAP net income per diluted share for fiscal year 2024 is projected to be $21.61 to $22.46.
Challenges Ahead
- GAAP net income per diluted share includes approximately $30 million in expected stock-based compensation for Q4.
- GAAP net income per diluted share includes approximately $116 million in expected stock-based compensation for fiscal year 2024.
- Assumed tax rate of approximately -2.9% for GAAP net income per diluted share for Q4.
- Assumed tax rate of approximately 2.6% for non-GAAP net income per diluted share for Q4.
- Assumed tax rate of approximately 3.6% for GAAP net income per diluted share for fiscal year 2024.