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SanDisk 4Q Net Falls 42% Absent Tax Item; Core Profit Rises

DOW JONES NEWSWIRES SanDisk Corp.'s (SNDK) fourth-quarter profit fell 42% from a year-ago result buoyed by a large tax-provision benefit, while core earnings registered a slight improvement. Shares still fell 2.6%, to $50.99 after hours, as margins weakened. The stock had climbed 7.8% over the past year through Wednesday's close. SanDisk, once mainly known for small storage cards and thumb drives sold in retail stores, has expanded its business into devices like smartphones, tablets and digital music players. The company last year gained a bigger foothold in the market for enterprise solid-state drives, which are used by businesses in data centers, by acquiring Pliant Technology for $327 million. As a maker of solid-state devices, Sandisk could also benefit from supply problems in the hard-disk drive industry, which lost a big chunk of its production capacity late last year due to devastating floods in Thailand, a major manufacturing center. Revenue was still in line with the company's guidance range, however. The company's year-earlier result also included a $203 million tax-provision benefit that skewed the latest earnings change. SanDisk reported a profit of $281.2 million, or $1.14 a share, down from $485.5 million, or $2.01 a share, a year earlier. Excluding stock-based compensation costs, income tax adjustments and other one-time items, per-share earnings edged up to $1.29 from $1.27. Analysts polled by Thomson Reuters were expecting $1.26 a share. Total revenue rose 19%, to $1.58 billion. The company's October forecast called for $1.5 billion to $1.6 billion. Gross margin narrowed to 42% from 43.4%. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stock News for Sandisk (SNDK)
DateTimeHeadline
07/02/201516:23:18Statement of Changes in Beneficial Ownership (4)
06/22/201519:47:12Statement of Changes in Beneficial Ownership (4)
06/22/201519:44:32Statement of Changes in Beneficial Ownership (4)
06/22/201519:42:37Statement of Changes in Beneficial Ownership (4)
06/22/201519:39:41Statement of Changes in Beneficial Ownership (4)
06/22/201519:35:38Statement of Changes in Beneficial Ownership (4)
06/22/201519:32:22Statement of Changes in Beneficial Ownership (4)
06/22/201519:26:41Statement of Changes in Beneficial Ownership (4)
06/22/201510:09:35Red Hat Names Tech Industry Veteran as Financial Chief
06/22/201509:10:16Red Hat Names Calderoni Financial Chief
06/22/201509:02:21Red Hat Names Tech Industry Veteran as Financial Chief
06/18/201516:03:24Current Report Filing (8-k)
06/01/201501:30:00SanDisk Introduces Breakthrough USB 3.0 Flash Drives
06/01/201501:30:00SanDisk Expands Into the External Storage Market with World’s H...
06/01/201501:30:00SanDisk Delivers New 2TB SATA SSD Optimized for Cloud Data Services
05/27/201519:57:00Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against...
05/27/201519:21:56Statement of Changes in Beneficial Ownership (4)
05/27/201511:12:00UPCOMING DEADLINE: Levi & Korsinsky, LLP Reminds Shareholders...
05/25/201521:00:00SanDisk Introduces New SSD Optimized for Mobile Computing and...
05/23/201510:58:21SECURITIES ALERT: Rosen Law Firm Reminds SanDisk Corporation...

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