SMART Q1 2022 Earnings Report
Key Takeaways
SMART Global Holdings, Inc. reported a strong first quarter in fiscal year 2022, marked by a 61% increase in net sales compared to the previous year, reaching $470 million. The company also saw significant improvements in gross margin and EPS, both on a GAAP and non-GAAP basis. A two-for-one share split was announced to further improve liquidity and broaden the shareholder base.
Net sales reached $470 million, a 61% increase compared to the year-ago quarter.
GAAP gross margin increased to 26.0%, up approximately 800 basis points year-over-year.
Non-GAAP EPS reached $2.16, a 177% increase compared to the year-ago quarter.
Announced a two-for-one share split in the form of a share dividend.
SMART
SMART
Forward Guidance
SGH provided financial outlook for its second quarter of fiscal 2022. Net sales are expected to be $415 to $455 million. Gross margin is expected to be 23% to 25% on GAAP basis and 24% to 26% on non-GAAP basis. Diluted earnings per share is expected to be $0.70 ± $0.15 on GAAP basis and $1.45 ± $0.15 on non-GAAP basis.