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Investing

SanDisk Smokes Estimates (SNDK)

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By Douglas A. McIntyre Updated Published

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SanDisk Corp. (NASDAQ: SNDK) was already a screamer as shares were up a massive 300% from their 52-week lows due to a return to profitability in the June quarter (2 quarters early).  The flash memory leader just posted earnings of $0.75 in non-GAAP EPS and $935 million in revenues.  Thomson Reuters had estimates of $0.26 EPS and $787.9 million in revenues.
Some key developments were $220 million in cash flow and total cash at the end of the quarter of $2.58 billion.  Product revenue rose 18% to $814 million, and license revenue was down 8% at $121 million.  Both its GAAP and non-GAAP gross profit was 39% of product revenue.

To highlight the quarter, its CEO said: ““Our outstanding Q3 results reflect major gains in our OEM business with strong orders continuing into Q4. Product gross margin improved dramatically, driven by favorable pricing and strong product cost reductions. We are encouraged by improved industry fundamentals and our increasingly diversified global markets, which bode well for further growth in Q4 and in 2010.”

Unfortunately, no guidance was seen and that makes this unfinished business.  Shares closed up $0.02 at $21.48 and shares were halted right ahead of the earnings report.

UPDATE at 4:25 PM EST: shares have resumed trading and the stock is up about 10% at $23.47 after being freed up to trade.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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