SanDisk Corp. (NASDAQ: SNDK) reported first quarter 2014 results after markets closed Wednesday. The flash memory maker reported adjusted diluted earnings per share (EPS) of $1.44 on revenues of $1.51 billion. In the same period last year the company reported EPS of $0.84 on revenues of $1.34 billion. The consensus estimate called for EPS of $1.25 on revenues of $1.49 billion.
As a percentage of revenue, non-GAAP gross profit rose from 40.5% in the first quarter a year ago to 51.2% this year and non-GAAP operating profit rose from 21.5% to 31.5%.
The company’s CEO said:
We delivered record first quarter results, driven by 61 percent growth in our SSD revenue and strong retail performance. We are excited by the momentum we are building in our business as we continue to execute on our growth initiatives.
SanDisk did not offer guidance but the consensus estimates for the second quarter call for EPS of $1.34 on revenues of $1.58 billion. For the full year EPS is estimated at $5.78 and revenues at $6.66 billion.
Shares are up about 3% at $77.91 in after-hours trading today. The 52-week range is $50.68 to $85.37. Prior to today’s release Thomson/Reuters had a consensus price target of around $81.90 on the stock.
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