SanDisk Corp. (NASDAQ: SNDK) was already a screamer as shares were up a massive 300% from their 52-week lows due to a return to profitability in the June quarter (2 quarters early). The flash memory leader just posted earnings of $0.75 in non-GAAP EPS and $935 million in revenues. Thomson Reuters had estimates of $0.26 EPS and $787.9 million in revenues.
Some key developments were $220 million in cash flow and total cash at the end of the quarter of $2.58 billion. Product revenue rose 18% to $814 million, and license revenue was down 8% at $121 million. Both its GAAP and non-GAAP gross profit was 39% of product revenue.
To highlight the quarter, its CEO said: ““Our outstanding Q3 results reflect major gains in our OEM business with strong orders continuing into Q4. Product gross margin improved dramatically, driven by favorable pricing and strong product cost reductions. We are encouraged by improved industry fundamentals and our increasingly diversified global markets, which bode well for further growth in Q4 and in 2010.”
Unfortunately, no guidance was seen and that makes this unfinished business. Shares closed up $0.02 at $21.48 and shares were halted right ahead of the earnings report.
UPDATE at 4:25 PM EST: shares have resumed trading and the stock is up about 10% at $23.47 after being freed up to trade.
JON C. OGG
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