RTTNews | Oct 13, 2021 10:10AM EDT

10:10 Wednesday, October 13, 2021 (RTTNews.com) - Shares of memory products maker SMART Global Holdings, Inc. (SGH) are up more than 11% in the morning trade on Wednesday after reporting better-than-expected fourth quarter results. The company's first quarter earnings outlook also stands better than analysts' view.

The company reported net income $20.65 million or $0.78 per share in the fourth quarter compared with net loss of $7.21 million or $0.30 per share in the same quarter a year ago.

Excluding items, earnings were $2.16 per share, that beat the average estimate of analysts polled by Thomson Reuters at $1.6 per share.

Net sales for the quarter increased 57% year-over-year at $467.7 million.

Looking forward, SGH sees net sales to be in the range of $440 million to $480 million and adjusted EPS to be about $2.00 $0.20 for the first quarter. Analysts expect the company to report earnings of $1.49 per share on revenue of $458.55 million for the period.

"Fiscal 2021 has been a transformative year for SGH. We are proud of the team's many accomplishments across each of our lines of business, Intelligent Platform Solutions, Memory Solutions, and LED solutions," commented SGH CEO Mark Adams. "As we enter fiscal 2022, we believe we have the right platform to continue to execute our growth and diversification strategy while increasing value for our stakeholders."

SGH, currently at $48.98, has traded in the range of $24.37- $58.39 in the last one year.

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