Semiconductor maker Penguin Solutions (NASDAQ: PENG) will be reporting earnings this Tuesday afternoon. Here’s what to look for.

Penguin Solutions beat analysts’ revenue expectations by 6.1% last quarter, reporting revenues of $365.5 million, up 28.3% year on year. It was a stunning quarter for the company, with a significant improvement in its inventory levels and a solid beat of analysts’ EPS estimates.

Is Penguin Solutions a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Penguin Solutions’s revenue to be flat year on year at $328.9 million, improving from the 12.7% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.34 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Penguin Solutions has missed Wall Street’s revenue estimates five times over the last two years.

Looking at Penguin Solutions’s peers in the semiconductors segment, only Micron has reported results so far. It beat analysts’ revenue estimates by 4.9%, delivering year-on-year sales growth of 36.6%. The stock was down 1.2% on the results.

There has been positive sentiment among investors in the semiconductors segment, with share prices up 9.6% on average over the last month. Penguin Solutions is up 6.7% during the same time and is heading into earnings with an average analyst price target of $26.07 (compared to the current share price of $21.20).

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