SMART Global Holdings, Inc. (NASDAQ: SGH) reported financial results for the fourth quarter and full year fiscal 2020 ended August 28th, 2020. The company reported net sales of USD 297 Million or 6.7% higher compared to a year ago. GAAP net income amounted to USD 7.5 Million or USD 0.30 per share. Adjusted EBITDA summed up to USD 33 Million, a 30.6% rise compared to the same period a year ago.
For Fiscal 2020, net sales amounted to USD 1.1 Billion compared to USD 1.2 Billion in the prior fiscal year. GAAP net loss resulted in USD 1.1 Million or USD 0.05 per share. Adjusted EBITDA amounted to USD 104.2 Million.
“I am pleased to announce a strong conclusion to our fiscal 2020,” commented Mark Adams, President and CEO. “Our fourth fiscal quarter results demonstrate the strength of our business during these challenging times. Fourth quarter revenue grew by 5.6 percent sequentially, driven by strength in both our Specialty Compute and Storage Solutions and Brazil businesses. Additionally, reflecting the operating leverage in our business model, we achieved non-GAAP earnings per share of $0.82, more than 17 percent higher than the previous quarter.”
“Given our strong balance sheet, we believe we are well-positioned to build on our growth and diversification strategy while leveraging our strong customer relationships, established global manufacturing and supply chain capabilities, and our track record of operational excellence,” concluded Mr. Adams.