SMART Modular Technologies Raises 1Q Guidance

NEWARK, Calif. (AP) — SMART Modular Technologies Inc. on Wednesday raised its guidance for its fiscal first quarter. The computer memory products maker cited increasing demand from personal computer and business clients.

Shares of the company rose 72 cents, or 18.1 percent, to $4.70 in afternoon trading. They have traded between 76 cents and $5.62 over the past year.

The Newark, Calif., company said it now expects net income of 4 cents to 6 cents per share for the three months ending Nov. 27. The company previously forecast per-share results ranging from a loss of a penny to a profit of a penny.

SMART Modular raised its revenue forecast to a range of $110 million to $120 million from a previous projection of $98 million to $105 million.

Analysts surveyed by Thomson Reuters expect a loss of a penny per share on revenue of $103 million.