Smart Global Holdings Inc. swung to a loss and posted lower sales in the latest quarter.
The specialty solutions manufacturer for the computing, memory and LED markets posted a loss of $27.2 million, or a loss of 55 cents a share, for the second quarter ended Feb. 24, compared to net income of $2.5 million, or a profit of 4 cents a share a year ago. Adjusted earnings were 76 cents a share, above analysts’ estimates of 60 cents a share.
Sales declined to $429.2 million from $449.2 million. Analysts polled by FactSet expected $435 million.
Smart Global forecast sales around $375 million and adjusted earnings around 40 cents a share in the third quarter. Analysts polled by FactSet expected $410.7 million in sales and adjusted earnings of 42 cents a share.
“We remain disciplined in managing our expenses given the continued challenging economic environment,” said Chief Executive Mark Adams.