SanDisk (SNDK) Tops Q4 EPS by 3c

SanDisk (NASDAQ: SNDK) reported Q4 EPS of $1.30, $0.03 better than the analyst estimate of $1.27. Revenue for the quarter came in at $1.74 billion versus the consensus estimate of $1.73 billion.

“We delivered record revenue in 2014 with continued progress in shifting our portfolio towards high value solutions,” said Sanjay Mehrotra, president and chief executive officer of SanDisk. “Our SSD solutions reached 29 percent of revenue in 2014, with strong growth from both client and enterprise SSDs. We are disappointed with our fourth quarter results, which were impacted primarily by supply constraints. We believe that NAND flash industry fundamentals are healthy, and we expect our financial results to improve as we move through 2015.”

Sandisk Corp.declared a quarterly dividend of $0.30 per share, or $1.2 annualized.

The dividend will be payable on February 23, 2015, to stockholders of record on March 2, 2015, with an ex-dividend date of February 26, 2015.

The annual yield on the dividend is 1.5 percent.

SanDisk also today announced that its Board of Directors has authorized an additional $2.5 billion for common stock repurchases under the company’s existing stock repurchase program. The company began its capital return program in the fourth quarter of fiscal 2011, and since that time the Board of Directors has authorized a total of $6.25 billion for stock repurchases including the additional authorization announced today. The company now has approximately $3.0 billion remaining available for stock repurchases under the expanded program.

For earnings history and earnings-related data on SanDisk (SNDK) click here.

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