SanDisk Releases Third Quarter 2014 Results
SanDisk Corporation today announced results for the third quarter ended September 28, 2014. Third quarter revenue of $1.75 billion increased 7 percent on a year-over-year basis and increased 7 percent sequentially.
On a GAAP basis, third quarter net income was $263 million, or $1.09 per share, compared to net income of $277 million, or $1.18 per share, in the third quarter of fiscal 2013 and $274 million, or $1.14 per share, in the second quarter of fiscal 2014.
On a non-GAAP basis, third quarter net income was $336 million, or $1.45 per share, compared to net income of $371 million, or $1.59 per share, in the third quarter of fiscal 2013 and net income of $329 million, or $1.41 per share, in the second quarter of fiscal 2014. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.
“Third quarter results reflect the strength of our diversified product portfolio, broad customer engagements and solid execution,” said Sanjay Mehrotra, president and chief executive officer. “Demand for NAND flash continues to be strong across mobile, client and enterprise, where SanDisk’s innovations are creating significant opportunities. As we focus on closing a record 2014, we also look forward to building upon our success in 2015.”
Other Highlights:
- SanDisk completed the acquisition of Fusion-io, a leading developer of flash-based PCIe hardware and software solutions, for approximately $1.1 billion, net of cash assumed.
- SanDisk commemorated the opening of Phase 2 of Fab 5 and began construction of the New Fab 2 in Yokkaichi, Japan.
- SanDisk announced design wins for its high-performance, low-latency ULLtraDIMM SSDs with Super Micro Computer and Huawei.
- SanDisk introduced innovative products in several product categories:
- In enterprise solutions, Dell launched SanDisk DAS Cache server-side caching software, allowing customers to benefit from SSDs, while maintaining data on direct-attached, disk-based storage.
- In client solutions, SanDisk launched the SanDisk Ultra II SSD, utilizing X3 technology to deliver a high-performance, cost-effective storage upgrade for PCs.
- SanDisk launched the industry’s highest-capacity SD card with the 512GB SanDisk Extreme PRO SDXC UHS-I card and the industry’s fastest microSD UHS-I card with the 64GB SanDisk Extreme PRO microSDXC UHS-I card, both enabling 4K Ultra HD video capture.
- SanDisk announced today a fourth quarter 2014 dividend of $0.30 per share of common stock, payable on November 24, 2014 to shareholders of record as of the close of business on November 3, 2014.
