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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
04/28/201618:00:00Western Digital Profit Falls 81%
04/27/201617:20:00SanDisk Doubles Profit, Beats Expectations
04/27/201616:18:15Filing of Certain Prospectuses and Communications in Connection...
04/27/201616:14:41Current Report Filing (8-k)
04/27/201616:05:00SanDisk Announces First Quarter 2016 Results
04/26/201609:00:00SanDisk Introduces Half-Terabyte SSD Optimized for Everyday Computing
04/25/201616:28:55Statement of Ownership (sc 13g)
04/21/201621:30:00Dell Faces High Cost to Fund EMC Deal
04/21/201609:01:00SanDisk Reinvents Its Flash Drive for iPhone and iPad
04/14/201617:29:00SanDisk Unveils First microSD™ Card Verified in “Works with GoP...
04/14/201606:13:41Filing of Certain Prospectuses and Communications in Connection...
04/13/201603:01:00Leading European Next-Generation Cloud Platform Provider Solves...
04/11/201609:00:00SanDisk Doubles the Performance of InfiniFlash™ System, Further D...
04/08/201609:00:00SanDisk Sets April 27, 2016 to Release FQ1-2016 Financial Results
04/07/201616:20:30Amended Annual Report (10-k/a)
04/05/201607:29:05Filing of Certain Prospectuses and Communications in Connection...
03/31/201606:10:16Filing of Certain Prospectuses and Communications in Connection...
03/29/201622:20:00HP Enterprise Explores 'Persistent Memory' for Chips
03/18/201607:19:38Filing of Certain Prospectuses and Communications in Connection...
03/15/201614:43:30Filing of Certain Prospectuses and Communications in Connection...

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