SMART Global Holdings Reports Second Quarter Fiscal 2021 Financial Results

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[{"type":"text","content":" NEWARK, Calif.--(BUSINESS WIRE)--\nSMART Global Holdings, Inc. (“SGH” or the “Company”) (Nasdaq: SGH), today reported financial results for the second quarter fiscal 2021 ended February 26, 2021.\n\nSecond Quarter Fiscal 2021 Highlights:\n\n\nNet sales of $304.0 million, up 11.8% compared to the year ago quarter.\n\n\nGAAP net income of $5.8 million, or $0.23 per share, compared to a GAAP net loss of $9.7 million or ($0.41) per share in the year ago quarter.\n\n\nNon-GAAP net income of $21.9 million or $0.87 per share, up 71.1% and 67.3%, respectively, compared to the year ago quarter.\n\n\nAdjusted EBITDA of $31.0 million, up 38.9% compared to the year ago quarter.\n\n\n“Our second quarter sales of $304 million, which represented an 11.8 percent increase compared to the same quarter of fiscal 2020, enabled us to achieve non-GAAP earnings per share of $0.87, exceeding the high end of our guidance,” commented Mark Adams, President and CEO. “The Intelligent Platform Solutions business, formerly referred to as Specialty Compute and Storage Solutions, grew sales 30% quarter over quarter, and when coupled with the newly acquired Cree LED, illustrates the continued progress of a growing and diversified SGH.”\n\n\n\n\n\n\n\n\n\n \n\n\nQuarterly Financial Results\nGAAP (1)\n\nNon-GAAP (2)\n\n\n(In millions, except per share amounts)\nQ2 FY21\nQ1 FY21\nQ2 FY20\n\nQ2 FY21\nQ1 FY21\nQ2 FY20\n\n\nNet sales\n\n$\n\n\n\n304.0\n\n\n\n$\n\n\n\n291.7\n\n\n\n$\n\n\n\n272.0\n\n\n\n \n\n\n\n\n$\n\n\n\n304.0\n\n\n\n$\n\n\n\n291.7\n\n\n\n$\n\n\n\n272.0\n\n\n\n\nGross profit\n\n$\n\n\n\n53.5\n\n\n\n$\n\n\n\n52.6\n\n\n\n$\n\n\n\n51.5\n\n\n\n \n\n\n\n\n$\n\n\n\n59.3\n\n\n\n$\n\n\n\n54.1\n\n\n\n$\n\n\n\n52.9\n\n\n\n\nOperating income\n\n$\n\n\n\n12.9\n\n\n\n$\n\n\n\n7.6\n\n\n\n$\n\n\n\n8.2\n\n\n\n \n\n\n\n\n$\n\n\n\n27.2\n\n\n\n$\n\n\n\n23.7\n\n\n\n$\n\n\n\n17.3\n\n\n\n\nNet income (loss)\n\n$\n\n\n\n5.8\n\n\n\n$\n\n\n\n2.0\n\n\n\n$\n\n\n\n(9.7\n\n\n\n)\n\n\n\n\n$\n\n\n\n21.9\n\n\n\n$\n\n\n\n19.6\n\n\n\n$\n\n\n\n12.8\n\n\n\n\nDiluted earnings per share (EPS)\n\n$\n\n\n\n0.23\n\n\n\n$\n\n\n\n0.08\n\n\n\n$\n\n\n\n(0.41\n\n\n\n)\n\n\n\n\n$\n\n\n\n0.87\n\n\n\n$\n\n\n\n0.78\n\n\n\n$\n\n\n\n0.52\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n(1) GAAP represents U.S. Generally Accepted Accounting Principles.\n\n\n(2) Please refer to the “Non-GAAP Information” section and the \...

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