Server solutions provider Super Micro Computer Inc. (SMCI: Quote), Tuesday reported a decline in profit, due mainly to higher operating expenses.
The San Jose, California-based company reported a third-quarter net profit of $7.08 million or $0.16 per share, compared to $10.70 million or $0.25 per share last year.
Excluding stock-based compensation expense, adjusted net income for the quarter declined to $8.81 million or $0.19 per share from $12.26 million from $0.28 per share in the prior-year quarter. On average, five analysts polled by Thomson Reuters expected the company to earn $0.23 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 2.5 percent to $240.18 million from $234.29 million in the prior-year quarter. Five analysts had a consensus revenue estimate of $251.74 million for the quarter.
Operating expenses for the quarter increased to $31.14 million from $22.70 million in the prior-year quarter.
Looking ahead, the company expects fourth quarter adjusted earnings in the range of $0.27 to $0.32 per share. Revenues for the fourth quarter are anticipated in the range of $280 million to $310 million. Analysts currently expect the company to earn $0.29 per share for the quarter, with revenues of $274.88 million.
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by RTT Staff Writer
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