SanDisk Corporation Earnings: Could Not Drive Investors Home

Rising costs did not help S&P 500 (NYSE:SPY) component SanDisk Corporation (NASDAQ:SNDK) in the first quarter as profit dropped from a year earlier. SanDisk Corp. is a multinational corporation, whose main focus is the design, development, manufacturing and marketing of flash memory card products. Its data-storage solutions include removable cards and universal serial bus — USB — drives, which can be used in a wide gamut of consumer electronics products, such as digital cameras and mobile phones.

Don’t Miss: Wall St. Cheat Sheet’s newest Feature Trades of the Month!

SanDisk Earnings Cheat Sheet for the First Quarter

Results: Net income for SanDisk Corporation fell to $224.1 million (92 cents/share) vs. $234.7 million (99 cents/share) a year earlier. A decline of 4.5% from the year earlier quarter.

Revenue: Rose 19.1% to $1.29 billion YoY.

Actual vs. Wall St. Expectations: SNDK fell short of the mean analyst estimate of 99 cents/share. Estimates ranged from 87 cents per share to $1.14 per share.

Quoting Management: “Our embedded mobile business drove growth in the first quarter, and SanDisk executed well to deliver strong business results,” said Sanjay Mehrotra, President and CEO. “We have been actively managing our supply chain following the recent events in Japan and believe we remain on track to deliver a strong 2011 for SanDisk.”

Key Stats:

Over the last five quarters, revenue has increased 36.8% on average year over year. The biggest increase came in the first quarter of the last fiscal year, when revenue rose 64.8% from the year earlier quarter.

Competitors to Watch: STEC, Inc. (NASDAQ:STEC), OCZ Technology Group Inc. (NASDAQ:OCZ), Western Digital Corp. (NYSE:WDC), Micron Technology, Inc. (NASDAQ:MU), EMC Corporation (NYSE:EMC), Seagate Technology PLC (NASDAQ:STX), Imation Corp. (NYSE:IMN), Hutchinson Technology Inc. (NASDAQ:HTCH), Quantum Corporation (NYSE:QTM), and ADPT Corporation (ADPT).

Today’s Performance: Shares of SNDK are down over 1.5% in after hours trading.

Don’t Miss Wall St. Cheat Sheet’s newest Feature Trades of the Month!