Stock Monitor: SemiLEDs Post Earnings Reporting
LONDON, UK / ACCESSWIRE / January 12, 2018 / Active-Investors.com has just released a free earnings report on SMART Global Holdings, Inc. (NASDAQ: SGH) ("SMART Global"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SGH. The Company released its financial results on December 21, 2017, for the first quarter of the fiscal year 2018 (Q1 FY18). The Newark, California-based Company's total net sales surged 67% y-o-y, outperforming market consensus estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, SMART Global Holdings most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
SMART Global reported total net sales of $265.41 million in Q1 FY18 compared to $159.34 million recorded in Q1 FY17. The Company's total net sales numbers also topped market forecasts of $255.00 million. SMART Global's Brazil DRAM segment's net sales grew to $51.96 million in Q1 FY18 from $19.33 million in Q1 FY17, while the Brazil Mobile Memory segment's net sales also surged to $105.89 million in Q1 FY18 from $56.21 million in the prior year's same quarter. Furthermore, the Company's Specialty Memory segment's net sales were $107.56 million in Q1 FY18 compared to $83.81 million in Q1 FY17.
The integrated circuits chipmaker's GAAP net income came in at $21.01 million, or $0.92 per diluted share, for Q1 FY18 compared to a net loss of $3.21 million, or $0.23 loss per diluted share, in Q1 FY17. Meanwhile, the Company's non-GAAP net income increased to $23.83 million, or $1.05 per diluted share, in Q1 FY18 from $0.53 million, or $0.04 per diluted share, in Q1 FY17. Meanwhile, Wall Street had expected the Company to report a non-GAAP net income of $0.92 per diluted share.
The Company spent $207.57 million on cost of sales in Q1 FY18, up from $129.63 million in the prior year's comparable quarter. During Q1 FY18, the Company's non-GAAP gross profit rose to $58.05 million, or 21.9% of total net sales, in Q1 FY18 from $29.84 million, or 18.7% of total of total net sales, in Q1 FY17. SMART Global's research and development (R&D) expenses were $8.55 million for the reported quarter compared to $9.70 million in Q1 FY17. The Company's selling, general, and administrative expenses (SG&A) stood at $17.82 million in Q1 FY18 versus $15.41 million in Q1 FY17. Moreover, the Company spent $26.37 million as total operating expenses in Q1 FY18 compared to $26.09 million in Q1 FY17.
In the reported quarter, SMART Global's non-GAAP operating profit surged to $34.64 million from $7.69 million in the year ago corresponding quarter. The Company's non-GAAP operating margin stood at 13.1% in Q1 FY18 versus 4.8% in Q1 FY17. Furthermore, the Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) came in at $36.93 million Q1 FY18, rising from $14.75 million in Q1 FY17.
Cash Flow and Balance Sheet
In the quarter ended November 24, 2017, the Company's net cash provided by operating activities was $14.26 million compared to $17.02 million in Q1 FY17. As on November 24, 2017, the Company had a cash and cash equivalents balance of $23.50 million compared to a balance of $22.44 million as on August 25, 2017. The Company reported a long-term debt of $148.25 million in its books of accounts as on November 24, 2017, while it had a long-term debt amounting to $154.45 million as on August 25, 2017.
In its guidance for Q2 FY18, SMART Global expects revenues to be between $280 million and $300 million. The Company's gross margin is forecasted to be in the range of 21% to 23% for the quarter ending February 23, 2018. Furthermore, non-GAAP earnings per share is anticipated to be in the band of $1.30 to $1.36 for the upcoming quarter.
Stock Performance Snapshot
January 11, 2018 - At Thursday's closing bell, SMART Global Holdings' stock was slightly up 0.79%, ending the trading session at $34.55.
Volume traded for the day: 367.66 thousand shares.
Stock performance in the last month – up 23.00%; previous six-month period – up 122.90%; and year-to-date – up 2.52%
After yesterday's close, SMART Global Holdings' market cap was at $729.00 million.
Price to Earnings (P/E) ratio was at 62.93.
The stock is part of the Technology sector, categorized under the Semiconductor- Memory Chips industry. This sector was up 0.4% at the end of the session.
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