SGH Q1 rev $274.2M (-30% YoY); GAAP EPS ($0.23); record gross margins; $75M buyback

Penguin Solutions, Inc.

2024-Q1 EPS reported -$0.38 revenue$274,247,000

Net sales $274.2M, down 30% YoY; Memory Solutions $85.7M, Intelligent Platform $118.8M, LED $69.8M.
Record GAAP gross margin 30.2% (+160 bps YoY); record non-GAAP gross margin 33.3% (+200 bps YoY).
GAAP diluted EPS $(0.23) vs $(0.08) YoY; non-GAAP EPS $0.24 vs $0.75 YoY.
Divestiture of 81% of SMART Brazil closed Nov 29, 2023; classified as discontinued operations.
Audit Committee approved $75M share repurchase authorization; $150M total over two years.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Penguin Solutions, Inc. reported first quarter of fiscal 2024 results: revenue $274.2 million.

Period: first quarter of fiscal 2024
Revenue: $274.2 million
Result: reported results

Exact text from the filing

The following discussion relates to our continuing operations, which exclude SMART Brazil. First Quarter Fiscal 2024 Highlights for Continuing Operations • Net sales of $274.2 million, down 30.0% versus the year-ago quarter • Record GAAP gross margin of 30.2%, up 160 basis points versus the year-ago quarter • Record Non-GAAP gross margin of 33.3%, up 200 basis

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Source: SEC EDGAR

accession 0001628280-24-000948

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