SMART Modular Technologies Beats on Top and Bottom Line (SMOD)

SMART Modular Technologies Inc. SMOD reports Q3 earnings of $0.29 versus consensus of $0.23. SMART Modular Technologies Inc. reports revenues of $218.7 million versus consensus of $205.07 million. For the first quarter of fiscal 2011, SMART expects net sales will be in the range of $210 to $230 million, gross profit in the range of $47 to $50 million. Net income per diluted share, after taking into account a technology access charge, is estimated to be in the range of $0.09 to $0.11 on a GAAP basis. On a non-GAAP basis, excluding the technology access charge and stock-based compensation expense, SMART expects net income per diluted share will be in the range of $0.23 to $0.25. The guidance for the first quarter of fiscal 2011 includes an income tax provision expected in the range of $7.7 to $8.0 million. Shares of SMOD are lower in the after-hours by 0.50%.