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SanDisk Corporate Earnings Driven by SSD Strength

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By Jon C. Ogg Updated Published

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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.

Contact [email protected] for any questions or corrections.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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