Supermicro Q3 2024 Earnings Report
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.