Smart Global Holdings Inc (NASDAQ:SGH) today reported financial results for the first quarter of fiscal 2019 ended November 30, 2018. Net sales totaled $393.9 million, or 48% higher than the prior-year quarter. GAAP operating income was $47.8 million, with GAAP net income registering at $31 million, and GAAP diluted earnings per share of $1.33.
According to CEO Ajay Shah, “We had a strong start to fiscal 2019 with revenue in our first quarter exceeding the high end of our guidance and coming in at $393.9 million.
"Driving the quarter was continued success in our Specialty Memory business, as well as solid sequential growth from our new Specialty Compute & Storage Solutions business. Our business in Brazil also met expectations."
The SMART family of companies are 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.
With the addition of Penguin Computing and the creation of a new business unit, SMART Specialty Compute & Storage Solutions (SCSS), SMART has expanded its serviceable markets into areas requiring specialized computing platforms in artificial intelligence and machine learning, advanced modeling and high performance computing
Shares stumbled $8.85, or 27.7%, to $23.06
