SMART Q4 2023 Earnings Report
Key Takeaways
SMART Global Holdings reported Q4 fiscal 2023 results, with net sales of $316.7 million and a GAAP EPS of $1.17. Non-GAAP gross margin increased to 31.7%, and non-GAAP earnings were $0.35 per share. The company exited the quarter with $391 million in cash, cash equivalents and short term investments.
Net sales were $316.7 million, a decrease of 12.6% compared to the year-ago quarter.
GAAP gross margin increased to 28.9%, up 290 basis points from the previous year.
Non-GAAP gross margin increased to 31.7%, up 460 basis points from the previous year.
GAAP EPS was $1.17, compared to $0.18 in the year-ago quarter.
SMART
SMART
Forward Guidance
SGH is providing the following financial outlook for its continuing operations for the first quarter of fiscal 2024: Net sales $275 million +/- $25 million, Gross margin 28.5% +/- 1%, Operating expenses $82 million +/- $1 million, Diluted earnings (loss) per share $(0.16) +/- $0.15, Diluted shares 55.6 million
Positive Outlook
- Net sales $275 million +/- $25 million
- Gross margin 31.5% +/- 1%
- Operating expenses $67 million +/- $1 million
- Diluted earnings (loss) per share $0.15 +/- $0.15
Challenges Ahead
- Gross margin 28.5% +/- 1%
- Operating expenses $82 million +/- $1 million
- Diluted earnings (loss) per share $(0.16) +/- $0.15
- Share-based compensation and amortization of acquisition-related intangibles included in cost of sales $8 million
- Share-based compensation and amortization of acquisition-related intangibles included in R&D and SG&A $13 million