SanDisk (SNDK) Q4 Disappoints as Net Income Plunges 42%
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Shares of SanDisk (Nasdaq: SNDK) have fallen about 4 percent in Wednesday's after-hours session following disappointing quarterly results.
The memory and storage maker posted fourth-quarter 2012 sales of $1.576 billion, up nearly 19 percent from the $1.327 billion reported during last year's quarter. Product sales made up about 93 percent of total sales. Analysts on the Street had been expecting revenue of $1.57 billion.
Net income tumbled 42 percent from $485.47 million in the fourth quarter of 2011 to $281.22 million. GAAP earnings totaled $1.14, down 43 percent year over year. Adjusting for certain one-time items, pro-forma profit of $1.29 per share beat the Street estimate by $0.03 and was up from non-GAAP EPS of $1.27 in the year-ago quarter.
"We are pleased to deliver record quarterly and annual revenues with robust profitability," said Sanjay Mehrotra, President and CEO. "The secular demand trends for NAND flash remain vibrant and we are particularly excited about the new growth opportunities for our business in the Enterprise and Client Computing markets."
SanDisk ended the quarter with $5.62 billion in total cash and cash equivalents, up from $5.27 billion at the end of the third quarter.
UPDATE: On its conference call, an exec issued the following guidance: sees Q1 sales of $1.3-$1.35 billion, FY12 sales of $6.2-$6.6 billion. Street currently looking for Q1 sales of $1.46 billion and FY12 sales of $6.65 billion.
The memory and storage maker posted fourth-quarter 2012 sales of $1.576 billion, up nearly 19 percent from the $1.327 billion reported during last year's quarter. Product sales made up about 93 percent of total sales. Analysts on the Street had been expecting revenue of $1.57 billion.
Net income tumbled 42 percent from $485.47 million in the fourth quarter of 2011 to $281.22 million. GAAP earnings totaled $1.14, down 43 percent year over year. Adjusting for certain one-time items, pro-forma profit of $1.29 per share beat the Street estimate by $0.03 and was up from non-GAAP EPS of $1.27 in the year-ago quarter.
"We are pleased to deliver record quarterly and annual revenues with robust profitability," said Sanjay Mehrotra, President and CEO. "The secular demand trends for NAND flash remain vibrant and we are particularly excited about the new growth opportunities for our business in the Enterprise and Client Computing markets."
SanDisk ended the quarter with $5.62 billion in total cash and cash equivalents, up from $5.27 billion at the end of the third quarter.
UPDATE: On its conference call, an exec issued the following guidance: sees Q1 sales of $1.3-$1.35 billion, FY12 sales of $6.2-$6.6 billion. Street currently looking for Q1 sales of $1.46 billion and FY12 sales of $6.65 billion.
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