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SanDisk Q3 Profit Clocks More Than Threefold Increase

Thursday, October 17, 2013 7:08 AM
SanDisk Corp. (NASDAQ: SNDK) reported late on Wednesday that fiscal third-quarter income more than trebled as the memory chipmaker sold more chips amid rising demand from smartphone and tablet makers. The Milpitas, California-based company posted a profit of $277 million or $1.18 a share for the period ended September 29 compared to an income of $76.5 million or 31 cents a share, in the year-ago period. Excluding accounting charges linked to past acquisitions and other onetime items, the company earned $1.59 a share, beating analysts’ consensus estimate of $1.31 a share, according to a data compiled by FactSet. Revenue jumped 28% to $1.63 billion which was about $60 million more than Wall Street’s consensus expectation. The latest period included proceeds from Smart Storage Systems, which the Company acquired in late August. For the current quarter, SanDisk expects revenue to be in the range of $1.65 billion to $1.73 billion. Analysts had forecasted revenue of $1.67 billion, according to poll conducted by FactSet. SanDisk, whose clientele list includes prominent buyers such as Apple Inc. (NASDAQ: AAPL), has been posting strong quarterly results in the recent past. Proliferation of smartphone usage and other devices which rely on flash memory is boosting the top line growth. Commenting over the results, SanDisk President and CEO, Sanjay Mehrotra, said “We delivered outstanding third quarter results driven by our strategy to shift to higher value solutions across our portfolio," "Our client and enterprise SSD products continue to gain momentum and our acquisition of SMART Storage Systems expands our presence in enterprise SSDs, added Mehrotra.
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