By Kailyn Rhone
Penguin Solutions swung to a profit and posted higher revenue in the first quarter due to growth in its advanced computing sales.
The Milpitas, Calif. company, which provides solutions for the computing, memory and LED markets, said Wednesday that it swung to a profit of $5.22 million, or 10 cents a share, from a loss of $11.8 million, or 23 cents a share, in last year's quarter.
Adjusted per-share earnings were 49 cents, beating the 39 cents that analysts polled by FactSet expected.
Revenue jumped 24% to $341.1 million. That was above the $320 million analysts expected, according to FactSet.
Advanced computing sales soared 49% to $177.4 million from $118.8 million a year ago.
For the fiscal year, Penguin Solutions backed its forecast for year-over-year revenue growth of 15%, plus or minus 5%. Analysts polled by FactSet are expecting revenue of $1.34 billion.
The company expects adjusted per-share earnings of $1.50, plus or minus 20 cents for fiscal 2025. Analysts are forecasting $1.65 a share.
Shares of Penguin Solutions rose almost 8% to $1.49 in after-hours trading Wednesday. For the year, shares are nearly flat.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
January 08, 2025 16:39 ET (21:39 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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