Super Micro Computer Falls 11% On Mixed Results (SMCI)

Super Micro Computer, Inc SMCI on Tuesday after the market closed released financial results that missed Wall Street earnings expectations, while beating revenue estimates. Super Micro Computer, Inc reported that its fiscal 4th quarter net income jumped 227.2% to $7.7 million, or 18 cents per share, up from $2.4 million, or 6 cents per share, a year earlier. Excluding special items, the company earned 21 cents per share. The company reported that revenue surged 63.4% to $201.7 million, up from $123.5 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 22 cents per share, on revenue of $199.02 million. The company forecast fiscal 1st quarter adjusted earnings of 21 cents to 25 cents per share, on revenue of $200 million to $210 million. President and chief executive officer Charles Liang said, “Fiscal 2010 was a remarkable year of growth for Supermicro and this quarter represented our 5th straight quarter of increasing revenues and our 4th straight quarter of record revenues making 2010 revenue 43% higher than last year. We have achieved this growth because we have offered the best product lines in our history that have been optimized to the newer processor technologies that were launched during the past year. In addition, we have benefited by customers who took advantage of the newer technologies to improve their return on investment by investing in Supermicro technology which offers the best performance per watt, performance per dollar, performance per square foot, and the lowest total cost of ownership. We expect this trend to continue.” Super Micro Computer, Inc (SMCI) ended the Tuesday trading session at $13.50 per share, then fell 11% to $12.02 during after hours trading. Analysts covering the company's stock have a consensus price target of $21.50 per share. Read more from Benzinga's Company news.