Categories Earnings, Technology

Smart Global Holdings (NASDAQ: SGH): Q1 2020 Earnings Snapshot

— Smart Global Holdings (NASDAQ: SGH) reported its first-quarter 2020 adjusted earnings of $0.55 per share versus $0.73 per share expected.

— Net sales plunged by 31% to $272 million versus $280.02 million expected.

Earnings Update by AlphaStreet

— The GAAP earnings dipped by 99% as its high performance computing business, Penguin Computing, experienced worse than expected seasonal weakness.

— In Brazil, having completed the first full quarter under the new points-based system for local manufacturing, the company is encouraged by the results with units and revenues increased from the previous quarter.

— Looking ahead into the second quarter, the company expects earnings of $0.09-0.19 per share on a GAAP basis and $0.45-0.55 per share on an adjusted basis. The consensus estimates EPS of $0.58 per share.

— Sales are predicted to be in the range of $265-275 million. This is better than the analysts’s view of $270.53 million for the second quarter.

— Looking forward, the company continues to see improvement in its Memory related businesses and expects its second-quarter to be the low point in this market.

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Also Read:  Verizon Communications Inc. (VZ) Q2 2020 Earnings Call Transcript

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