Smart Global Holdings Inc (NASDAQ: SGH) reported upbeat earnings for its third quarter, while sales missed views. The company also said it expects Q4 adjusted earnings of $0.70 to $0.86 per share on sales of $290 million to $310 million.
The Newark, Calif-based company reported net sales of $281.3 million, 19.4% higher than the year ago quarter. GAAP net income of $0.8 million, or $0.03 per share, 57.6% and 59.5% lower than the year ago quarter, respectively.
Non-GAAP net income of $17.1 million, or $0.70 per share, 115.8% and 106.1% higher than the year ago quarter, respectively. Adjusted EBITDA of $25.4 million, 32.5% higher than the year ago quarter.
Said CEO Ajay Shah, "Thanks to the outstanding execution from our team in these challenging times we were able to achieve growth in revenue and gross profit over the previous quarter, and over the same period last year.
"This, combined with the operating leverage in our financial model, drove a strong increase in non-GAAP earnings per share and another quarter of operating cash flow generation."
"The SMART lines of business," the company’s news release concludes, "are leading designers and manufacturers of electronic products focused on memory and computing technology areas. The Company specializes in application specific product development and support for customers in enterprise, government and OEM sales channels."
Shares collected 98 cents, or 3.7%, to $27.73.
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