Super Micro Computer Reports Preliminary Fiscal Q1 Non-GAAP Earnings, Sales; Shares Slump After Hours

MT Newswires Live11-06

Super Micro Computer (SMCI) reported late Tuesday preliminary fiscal Q1 non-GAAP net income of $0.75 to $0.76 per diluted share.

Analysts polled by Capital IQ expect $0.73. The company's guidance for the quarter ended Sept. 30 had been $0.67 to $0.83.

Net sales may be $5.9 billion to $6 billion versus guidance of $6 billion to $7 billion, the company said.

Analysts surveyed by Capital IQ expect $6.44 billion.

For fiscal Q2, the company expects non-GAAP net income of $0.56 to $0.65 per diluted share on net sales of $5.5 billion to $6.1 billion. Analysts polled by Capital IQ expect normalized EPS of $0.81 on sales of $6.84 billion.

"The company continues to work diligently on matters related to the form 10-K for the fiscal year ended June 30 but remains unable at this time to predict when the Form 10-K will be filed," according to a statement.

A special committee "completed its investigation based on a set of initial concerns raised by EY," Super Micro Computer said in the statement. "Following a three-month investigation led by independent counsel, the committee's investigation to date has found that the audit committee has acted independently and that there is no evidence of fraud or misconduct on the part of management or the board of directors."

Shares of the company slumped 13% in recent after-hours activity.

Price: 24.16, Change: -3.54, Percent Change: -12.78

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