SMART Global Holdings Inc. SGH shares are trading higher in Tuesday's after-hours session after the company reported its first-quarter financial results. Here's a summary of the details.
What To Know: Smart Global Holdings reported adjusted earnings per share of 24 cents which topped estimates of 16 cents.
Revenue of $274.2 million missed analyst expectations of $274.997 million, a 30.0% decline year-over-year.
Cash and cash equivalents were $529.059 million as of Dec. 1, 2023, compared to $365.563 million as of Aug. 25, 2023.
Additionally, the company's board approved a $75 million share repurchase authorization which brings total authorizations over the past two years to $150 million.
Smart Global Holdings sees second-quarter adjusted earnings per share of 25 cents plus or minus 10 cents. Revenue is anticipated to be $285 million plus or minus $25 million.
"We are pleased with the progress we are making on our transformation journey, marked by the strategic divestiture of our Brazil business and another quarter of record non-GAAP gross margins reflecting the continued shift to higher value enterprise solutions," said CEO Mark Adams.
"Additionally, we ended our first quarter with record cash and short-term investments of $553 million, allowing us to continue investing strategically in AI, developing products based on advanced memory technologies and strengthening CreeLED's portfolio to enable future long-term growth."
SGH Price Action: Shares of Smart Global Holdings were up 9.37% at $20.20 in the after-hours session at the time of publication, according to Benzinga Pro.
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