SMART Modular Technologies (WWH), Inc. (SMOD), a manufacturer of electronic subsystems, on Wednesday raised its guidance for the first quarter of fiscal 2010, primarily driven by growth in end user demand.
The company now expects to report GAAP net income per share in the range of $0.04 to $0.06 for the first quarter of fiscal 2010. The previous guidance, issued on October 1, projected first-quarter bottom line to range between a loss of $0.01 and a profit of $0.01 per share.
Non-GAAP net income per share is now expected in the range of $0.06 to $0.08, up from the previous guidance of $0.02 to $0.04. Analysts expect the company to report between $0.00 and $0.02 per share for the first quarter with a consensus of $0.01 per share. Analysts' estimates typically exclude special items.
Non-GAAP net income is now estimated to be between $3.6 million and $4.9 million, while GAAP net income is seen in the range of $2.7 million-$4.0 million.
The company expects to report net sales in the range of $110 million to $120 million, an increase from the previous guidance of $98 million to $105 million. Wall Street looks for revenues of $103.02 million for the quarter with estimates in the range of $101.50 million-$107 million.
Gross profit is expected to be in the range of $24 million to $26 million, about 20% higher than the previous guidance of $20 million to $22 million.
The improved guidance is primarily driven by growth in end user demand, particularly in the PC and enterprise markets, the company noted.
SMOD closed Tuesday's regular trade at $3.98, down from the previous close of $4.03, on 254,100 shares.
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