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SMART Global Holdings Reports First Quarter Fiscal 2021 Financial Results
NEWARK, Calif.--(BUSINESS WIRE)-- SMART Global Holdings, Inc. (“SMART” or the “Company”) (NASDAQ: SGH), today reported financial results for the first
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[{"type":"text","content":" NEWARK, Calif.--(BUSINESS WIRE)--\nSMART Global Holdings, Inc. (“SMART” or the “Company”) (NASDAQ: SGH), today reported financial results for the first quarter fiscal 2021 ended November 27, 2020.\n\nFirst Quarter Fiscal 2021 Highlights:\n\n\nNet sales of $291.7 million, 7.2% higher than the year ago quarter.\n\n\nGAAP net income of $2.0 million, or $0.08 per share, compared with $0.2 million or $0.01 per share in the year ago quarter.\n\n\nNon-GAAP net income of $19.6 million or $0.78 per share, 46.4% and 41.8% higher than the year ago quarter, respectively.\n\n\nAdjusted EBITDA of $29.5 million, 25.4% higher than the year ago quarter.\n\n\n“I am proud of the results our team delivered in the first quarter of fiscal 2021 during these challenging times. Total revenue grew by 7% when compared to the first quarter a year ago, and non-GAAP earnings per share of $0.78 exceeded the high end of our guidance range,” commented Mark Adams, President and CEO.\n\n“With our continuing focus on delivering differentiated solutions to our valued customers and driving operational excellence across each of our businesses, we remain optimistic about the future and our ability to deliver strong returns for our shareholders,” concluded Mr. Adams.\n\n\nQuarterly Financial Results\n \n\nGAAP (1)\n\n\n\n \n\n\n \n\nNon-GAAP (2)\n\n\n\n\n(In millions, except per share amounts)\n \n\nQ1 FY21\n\n\n\n\nQ4 FY20\n\n\n\n\nQ1 FY20\n\n\n\n \n\nQ1 FY21\n\n\n\n\nQ4 FY20\n\n\n\n\nQ1 FY20\n\n\n\n\nNet sales\n \n\n$\n\n\n\n291.7\n\n\n\n\n$\n\n\n\n297.0\n\n\n\n\n$\n\n\n\n272.0\n\n\n\n \n\n$\n\n\n\n291.7\n\n\n\n\n$\n\n\n\n297.0\n\n\n\n\n$\n\n\n\n272.0\n\n\n\n\nGross profit\n \n\n$\n\n\n\n52.6\n\n\n\n\n$\n\n\n\n56.3\n\n\n\n\n$\n\n\n\n54.3\n\n\n\n \n\n$\n\n\n\n54.1\n\n\n\n\n$\n\n\n\n57.8\n\n\n\n\n$\n\n\n\n55.7\n\n\n\n\nOperating income\n \n\n$\n\n\n\n7.6\n\n\n\n\n$\n\n\n\n17.2\n\n\n\n\n$\n\n\n\n5.9\n\n\n\n \n\n$\n\n\n\n23.7\n\n\n\n\n$\n\n\n\n28.4\n\n\n\n\n$\n\n\n\n18.2\n\n\n\n\nNet income\n \n\n$\n\n\n\n2.0\n\n\n\n\n$\n\n\n\n7.5\n\n\n\n\n$\n\n\n\n0.2\n\n\n\n \n\n$\n\n\n\n19.6\n\n\n\n\n$\n\n\n\n20.4\n\n\n\n\n$\n\n\n\n13.4\n\n\n\n\nDiluted earnings per share (EPS)\n \n\n$\n\n\n\n0.08\n\n\n\n\n$\n\n\n\n0.30\n\n\n\n\n$\n\n\n\n0.01\n\n\n\n \n\n$\n\n\n\n0.78\n\n\n\n\n$\n\n\n\n0.82\n\n\n\n\n$\n\n\n\n0.55\n\n\n\n\n(1) GAAP represents U.S. Generally Accepted Accounting Princip...