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Fri, Jan. 29, 10:59 AM
- Super Micro (NASDAQ:SMCI) is above $30 for the first time since November after using its FQ2 report to reiterate it expects FY16 (ends June '16) sales growth to top 20%; consensus is at 17.8%.
- Though officially beating consensus, FQ2 revenue of $639M was within a revised $637M-$639M guidance range provided on Jan. 12. FQ3 guidance is for revenue of $530M-$580M and EPS of $0.43-$0.53, in-line with a consensus of $559.7M and $0.50.
- CEO Charles Liang on FQ2: "Our 27% year-over-year growth came from increases in our [server] systems and total solutions which reached 71% of total net sales. Storage solutions grew 58% year-over-year and continue as a key growth driver while cloud and internet datacenter contributed approximately 30% of net sales leveraged by Ultra architecture and other datacenter optimized products. We also saw strong growth across all geographies and especially in North America and Europe."
- Liang on the company's outlook: "Supermicro has developed the broadest array of products based on the upcoming Xeon processor, codenamed Broadwell, for launch at the very end of this quarter. With the new processor launch, combined with our new Simply Double hot-swap 48 bay 2U storage system, software defined storage as well as our industry leading NVMe [SSD storage] solutions, Supermicro is poised to grow its customer relationships this year and is on track with its [FY16] growth projection..."
- Susquehanna's pre-earnings upgrade is looking good.
- Super Micro's FQ2 results, earnings release
- Update (4:43PM ET): Super Micro closed up 10.2% to $29.78.
Wed, Jan. 27, 10:09 AM
- Citing several factors, Susquehanna's Mehdi Hosseini has upgraded Super Micro (SMCI +2.6%) to Positive, and hiked his target by $5 to $33.
- Hosseini thinks expectations have been reset following a rough 2015, notes consensus FY16/FY17 estimates are below Super Micro's forecast for 20%+ sales growth, sees data center revenue exposure growing to ~25-30% in FY17 from ~18% in FY15, believes next-gen storage solutions and exposure to upstarts such as Nutanix will act as a growth driver, praises Super Micro's "platform agnostic" business model, and thinks a server product cycle (due this summer) related to Intel's 14nm Broadwell CPU architecture will provide a minor 2016 lift.
- He also thinks the accounting issues that hurt Super Micro in 2015 are behind the company. "We acknowledge that macro-related downside risk exists, but we argue that SMCI's exposure to the secular trends noted above in a de-risked 'platform-agnostic' manner positions the company favorably moving forward."
- The upgrade comes two weeks after Super Micro soared in response to an FQ2 guidance hike. Official FQ2 results (should be accompanied by FQ3 guidance) are due tomorrow afternoon.
Tue, Jan. 12, 12:41 PM
Tue, Jan. 12, 11:04 AM
- Super Micro (NASDAQ:SMCI) now expects FQ2 revenue of $637M-$639M and EPS of $0.69-$0.72. That's above prior guidance of $580M-$630M and $0.54-$0.64, and a consensus of $600.1M and $0.60.
- The server/storage OEM's quarter-ending cash balance stood at $173M, up from $113.6M at the end of FQ1. FQ2 results are due later this month.
- Shares are soaring a day after making a new 52-week low of $21.25.
Nov. 11, 2015, 11:24 AM
- "We still believe that SMCI can benefit from secular trends in IT infrastructure spending, but as it goes through "growing pains," it needs to strengthen internal infrastructure," says Susquehanna's Mehdi Hosseini, downgrading to Neutral and cutting his target by $7 to $28.
- The server/storage OEM's shares have fallen below $27. They rose three weeks ago after Super Micro posted FQ1 results roughly in-line with the outlook given in its Oct. 8 warning, and offered better-than-feared FQ2 guidance - revenue of $580M-$630M and EPS of $0.54-$0.64.
Oct. 9, 2015, 12:43 PM
Oct. 9, 2015, 9:15 AM
Oct. 8, 2015, 5:38 PM
Oct. 8, 2015, 5:29 PM
- Super Micro (NASDAQ:SMCI) now expects FQ1 revenue of $529M-$530M, in-line with prior guidance of $520M-$580M but below a $550M midpoint and a $545M consensus.
- EPS guidance has been cut to $0.44-$0.45 from $0.49-$0.59; consensus is at $0.54. Operating expenses are expected to be $2M-$3M above FQ4 levels.
- The server OEM blames "stronger seasonal effects," weak European/Asian demand, and customer push-outs. "We continue to maintain our full year expectations for revenue growth for fiscal 2016 and remain confident that Supermicro will continue to gain market share and grow multiple times the industry growth rate led by growth in storage, cloud computing, HPC and enterprise."
- FQ1 results arrive on the afternoon of Oct. 22. Shares have plunged to $27.45 after hours.
Sep. 10, 2015, 10:24 AM
- 9 days after seeing its shares sell off on news its FY15 (ended in June) 10-K filing has been delayed to address marketing expense irregularities, Super Micro (NASDAQ:SMCI) has published the filing on the SEC's site.
- Super Micro states the 10-K features "no changes from the Company's previously reported financial results, including those for the fiscal year ended June 30, 2015 as announced on August 4, 2015."
Sep. 1, 2015, 10:04 AM| Sep. 1, 2015, 10:04 AM
Aug. 4, 2015, 5:10 PM
- In addition to trouncing FQ4 revenue estimates (and slightly beating on EPS), Super Micro (NASDAQ:SMCI) is guiding for FQ1 revenue of $520M-$580M, mostly above a $524.7M consensus. EPS guidance of $0.49-$0.59 is in-line with a $0.56 consensus, and below at the midpoint.
- Super Micro notes sales of its dense/low-power FatTwin modular servers were a strong point in Q2, rising over 100% Y/Y. Storage (+79%) was also a growth driver, as were sales of the company's recently-launched MicroBlade servers.
- Weighing on EPS: Gross margin (non-GAAP) fell 60 bps Q/Q to 15.7% (it was up 10 bps Y/Y). GAAP operating expenses rose 22% Y/Y to $49.9M. Super Micro states it's in the midst of a 30% capacity expansion for its San Jose and European manufacturing ops.
- Shares have risen to $27.15 AH.
- FQ4 results, PR
Jun. 1, 2015, 1:43 PM
- On CNBC this morning (video), Delphi Management's Scott Black named Super Micro (NASDAQ:SMCI) one of his top three picks. He predicts the modular server OEM will continue posting ~20% sales growth, and estimates shares are trading at 13x forward EPS after backing out stock compensation spend.
- Black: "There are just not many 20% growers selling at 13 P/E." Super Micro's FQ4 (June quarter) consensus implies 26.1% Y/Y sales growth, while its FY16 (ends June '16) consensus implies 14.7% growth.
- Shares have rallied to their highest levels since mid-April, when they sold off in response to a Q1 miss.
May 29, 2015, 5:36 PM
Apr. 22, 2015, 12:45 PM
Apr. 16, 2015, 5:37 PM
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