Smart Modular Technologies profitable in fiscal 3rd quarter, revenue more than doubles

Smart Modular Technologies returns to 3Q profit

NEWARK, Calif. — Smart Modular Technologies Inc., which makes computer memory products, on Thursday reported a profit for its fiscal third quarter, as renewed spending by businesses on technology helped it recover from a loss posted in the same period last year.

For the three months ended May 28, Smart Modular Technologies’ net income was $14.9 million, or 23 cents per share. In the same period last year, the company reported a net loss of $2.4 million, or 4 cents per share.

Excluding stock options expenses and the divestiture of a business, the company earned 26 cents per share in the latest quarter.

Analysts surveyed by Thomson Reuters had forecast net income of 18 cents per share. Analyst estimates typically exclude one-time items.

Revenue more than doubled to $201.2 million from $91.6 million in the year-ago quarter. Analysts predicted revenue of $180.7 million.

Shares jumped 25 cents, or 3.9 percent, to $6.75 in after-hours trading. During the regular session, the stock added 3 cents to close at $6.50.