Smart Global Holdings Inc (NASDAQ: SGH) reported better-than-expected results for its first quarter and also issued strong second-quarter guidance.
The company, out of Newark, California, reported net sales of $265.4 million, 67% higher than year-ago quarter, GAAP operating income of $31.5 million, GAAP net income of $21.0 million. Adjusted EBITDA was $36.9 million
Said CEO Iain MacKenzie, "We are proud to report strength across the board for our first quarter of fiscal 2018. Revenue, gross margin and earnings per share all exceeded the high end of our revised guidance for the first quarter.
"Looking ahead, we believe that the outlook is for more improvement in both SMART Brazil and our Specialty Memory businesses. The recovering economy in Brazil and health in the overall global memory market, combined with strong demand for higher density products from our OEM customers, lead us to be optimistic about continued positive momentum in the upcoming periods."
MacKenzie concluded "We are proud to report strength across the board for our first quarter of fiscal 2018. Revenue, gross margin and earnings per share all exceeded the high end of our revised guidance for the first quarter."
The SMART family of companies consists of global leaders in specialty memory, storage and hybrid solutions serving the electronics industry with standard and custom products for over 25 years.
SMART delivers components, modules and solutions to a broad customer base, including OEMs in computing, networking, communications, storage, mobile and industrial markets.
SGH shares vaulted $3.14, or 10.1%, to $34.25 in late morning trading on Friday.
