SanDisk Corporation (NASDAQ: SNDK) was already up big off the 2012 lows, but now we have earnings out. The flash memory leader turned in earnings of $1.05 in earnings per share on sales of $1.54 billion in revenue. We had the consensus earnings targets from Thomson Reuters at $0.76 EPS and $1.53 billion in sales. After items, the flash memory leader still earnings $0.87 per share and sales were down 2% annually but up 21% sequentially.
The company’s solid-state drive business is contributing 10% of sales. Operating income as a percent of sales was 23.9% and gross profit as a percentage of sales was 39.9% (both non-GAAP of course). SanDisk said that its cash and short-term and long-term marketable investments totaled $5.71 billion at the end of the fourth quarter.
Shares were halted ahead of earnings after falling 0.6% to $47.65 on the day and its 52-week trading range is $30.99 to $52.64. We would also note that analysts had a consensus pre-earnings price target of about $51.62 for SanDisk shares on a one-year price target objective.
Until we have guidance, this is to be considered an incomplete earnings report.