SanDisk Corporation (SNDK) Tops Q2 Estimates; Declares Dividend

On Wednesday, SanDisk Corporation (NASDAQ:SNDK) posted financial results from its second quarter, which overall topped the market consensus, and resultantly took the shares of the company higher by 2.15%, during the day. However, its shares decreased in the after-market trading, posting a decline of more than 9%.

Fox Business reported that SanDisk Corporation (NASDAQ:SNDK) recorded earnings per share of $1.41 on net income of $274 million and revenues of $1.63 billion, as against the Wall Steet expectations of $1.39 earnings per share on revenue of $1.60 billion. In percentage terms, the revenues of the company rose by 11% year-over-year, while it grew 8% sequentially. The company’s earnings per share in the second quarter of 2013 were at $262 million or $1.06 per share. In its official press release, President and CEO of SanDisk Corporation (NASDAQ:SNDK), Sanjay Mehrotra said, “We are pleased to deliver record second quarter revenue in both enterprise and client SSDs, as well as retail products.”

“SSD solutions comprised 29 percent of our second quarter revenue, compared to 16 percent in the year ago quarter, demonstrating strong progress in driving our strategic priorities. Our results position us well to deliver another record year in 2014,” he added.

Alongside this, the company also stated in a separate press release that the waiting period with respect to its proposed acquisition of Fusion-io, Inc. (NYSE:FIO) has come to an end, thereby, allowing it to go forward to signing a definitive agreement so as to conclude the $1.1 billion, net of cash, take over.

In the meanwhile, SanDisk Corporation (NASDAQ:SNDK) also announced a dividend to the tune of $0.30 per share, which is payable on August 25, 2015 to the shareholders appearing on the record as on August 4, 2014. Thus, it could be summed up that SanDisk has been successfully able to beat the market in both earnings and dividends this time.

Disclosure: none