Smart Global Holdings Inc (NASDAQ:SGH) reported upbeat earnings for its fourth quarter, while sales missed views. The company announced it expects Q1 adjusted EPS of $0.65 to $0.75 on sales of $280 million to $300 million.
The Newark, Calif.-based company went on to say net sales were $297.0 million, 6.7% higher than the year ago quarter. GAAP net income registered at $7.5 million, or $0.30 per share, 33.8% and 28.3% higher than the year ago quarter, respectively.Adjusted EBITDA of $33.0 million, 30.6% higher than the year ago quarter
For the full fiscal year, net sales were $1.1 billion, versus $1.2 billion for the prior fiscal year. GAAP net loss proved to be $1.1 million, or $0.05 per share. Adjusted EBITDA was $104.2 million.
Ending cash and equivalents balance for the company exceeded $150 million.
Said CEO Mark Adams, "Our fourth-fiscal-quarter results demonstrate the strength of our business during these challenging times. Fourth quarter revenue … (was) driven by strength in both our Specialty Compute and Storage Solutions and Brazil businesses.
"Additionally, reflecting the operating leverage in our business model, we achieved non-GAAP earnings per share of $0.82, more than 17% higher than the previous quarter."
SGH shares collapsed $1.71, or 6%, to $26.59
