MILPITAS, Calif. — SMART Global Holdings, Inc. (“SGH” or the “Company”) reported financial results for the third quarter of fiscal 2023.
Third Quarter Fiscal 2023 Highlights
- Net sales of $383 million, down 17.1% versus the year-ago quarter
- GAAP gross margin of 25.7%, up 100 basis points versus the year-ago quarter
- Non-GAAP gross margin of 28.0%, up 230 basis points versus the year-ago quarter
- GAAP EPS of $(0.50) versus $0.44 in the year-ago quarter
- Non-GAAP EPS of $0.66 versus $0.87 in the year-ago quarter
- Record cash and cash equivalents of $401 million
- Announced agreement to sell an 81% interest in SMART Modular Technologies do Brasil – Indústria e Comércio de Componentes Ltda. (“SMART Brazil”)
“The team achieved strong results for the third quarter in what remains a challenging global economic environment. Non-GAAP gross margin increased to 28.0%, an improvement of 230 basis points from the same period last year, and achieved non-GAAP earnings of $0.66 per share. In addition, we exited the third quarter with a strong balance sheet, including record cash and cash equivalents of $401 million,” commented the Company’s CEO Mark Adams. “With the announced agreement to sell an 81% interest in SMART Brazil on June 13, we are continuing our transformation to a high-performance, high-availability enterprise solutions company, and believe we are positioned to benefit from emerging trends in AI, machine learning and data analytics,” indicated Adams.
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