Super Micro Computer, Inc. (NASDAQ:SMCI) reported better-than-expected results for its first quarter and issued strong earnings forecast for the current quarter. The company also announced a $50-million buyback plan.
Net sales were $762 million versus $896 million in the fourth quarter of fiscal year 2020 and $800 million in the same quarter of last year.
Gross margin was 17.0% versus 13.8% in the fourth quarter of fiscal year 2020 and 16.4% in the same quarter of last year.
Net income was $27 million versus $18 million in the fourth quarter of fiscal year 2020 and $26 million in the same quarter of last year.
Diluted net income per common share proved to be $0.49 versus $0.34 in the fourth quarter of fiscal year 2020 and $0.51 in the same quarter of last year.
Non-GAAP diluted net income per common share of $0.55 versus $0.68 in the fourth quarter of fiscal year 2020 and $0.68 in the same quarter of last year.
Cash flow from operations of $121 million and capital expenditures of $12 million.
CEO Charles Liang says "As expected, a number of our enterprise customers slowed their spending last quarter, but we are encouraged to see significant progress and growth with several high profile customers last quarter. A recent improvement in business trends gives us confidence in our outlook to resume sequential growth. We are excited about our robust pipeline of innovative products extending into the next calendar year.”
SMCI shares leaped $3.20, or 13.8%, to $26.42.
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