Re: SIMO earnings - I guess earnings as expected 'soft'; stock +6% AH last $55.70/share
Silicon Motion Announces Results for the Period Ended June 30, 2023
Business Highlights
Second quarter sales increased 13% Q/Q and decreased 44% Y/Y
SSD controller sales: 2Q increased 5% to 10% Q/Q and decreased 30% to 35% Y/Y
eMMC+UFS controller sales: 2Q increased 45% to 50% Q/Q and decreased 65% to 70% Y/Y
SSD solutions sales: 2Q decreased 5% to 10% Q/Q and decreased 25% to 30% Y/Y TAIPEI, Taiwan and MILPITAS, Calif., July 27, 2023 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion”, the “Company” or “we”) today announced its financial results for the quarter ended June 30, 2023. For the second quarter of 2023, net sales (GAAP) increased sequentially to $140.4 million from $124.1 million in the first quarter of 2023. Net income (GAAP) increased to $11.0 million, or $0.33 per diluted American Depositary Share of the Company (“ADS”) (GAAP), from net income (GAAP) of $10.2 million, or $0.30 per diluted ADS (GAAP), in the first quarter of 2023.
For the second quarter of 2023, net income (non-GAAP) increased to $12.6 million, or $0.38 per diluted ADS (non-GAAP), from net income (non-GAAP) of $11.2 million, or $0.33 per diluted ADS (non-GAAP), in the first quarter of 2023.
3rd & 4th Quarters to be better w/ more growth
We expect that our third quarter 2023 sales will grow 15% to 20% QoQ, and our third quarter 2023 gross margin will be similar or slightly improved QoQ. We believe that we are well positioned to drive long-term growth of our business and increase our profitability levels Still does not look like they will achieve their FY 2024 earnings estimate of $3.62/share; Estimates for FY 2023 is $2.00/share. That will be challenging so Q3 & Q4 better be really good.
Still will accumulate shares on any significant sell off w/ the potential to seal the deal of the merger and/or payment for merger termination. |
