SanDisk Corp. (NASDAQ: SNDK) has reported earnings for its first quarter. The corporate earnings showed that net income was $207 million, or $0.84 per share. That compares to net income of $156 million or $0.63 per share in the first quarter of fiscal 2012 and sequentially it compares to $257 million or $1.05 per share. First quarter revenue was up 11% from a year earlier to $1.34 billion but that is down 13% sequentially as the first quarter is usually the seasonally weak quarter and the fourth quarter is seasonally the strongest quarter.
The company’s summary was $0.84 EPS and $1.34 billion in revenue versus Thomson Reuters estimates of $0.77 EPS and $1.3 billion in revenue.
We would note that BofA/Merrill Lynch said that SanDisk was going to beat earnings handily and that it sees upside to its $66 price target. It is worth noting that solid-state drive (SSD) products drove 20% of sales in the quarter and SanDisk expects gains in 2013. Cash flow from operations totaled $474 million and its cash and cash-equivalents totaled $6.19 billion in the last quarter.
Be advised that SanDisk did not offer guidance ahead. Without guidance, you should consider this to be unfinished business. SanDisk was down 3% to $55.72 in regular trading and the stock is down close to 5% more while waiting for guidance.
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