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July 16, 2014
13:44 EDTFIO, SNDK, MUEarnings Preview: Stifel sees SanDisk results, guidance topping expectations
SanDisk (SNDK) is expected to report second quarter earnings after the close on Wednesday, July 16, with a conference call scheduled for 5:00 pm ET. SanDisk manufactures data storage solutions, including removable and embedded Flash memory and solid-state drives. EXPECTATIONS: Analysts are looking for earnings per share of $1.39 on revenue of $1.6B. The consensus range is $1.31-$1.50 for EPS on revenue of $1.58B-$1.64B, according to First Call. With its last report, the company forecast Q2 revenue of $1.55B-$1.63B and Q2 gross margins of 47%-49%. For FY14, the company expects revenue of $6.4B-6.8B, versus consensus of $6.73B. Last quarter, SanDisk raised its FY14 adjusted gross margin outlook to 47%-49% from 45%-48%. LAST QUARTER: On April 16, SanDisk reported first quarter earnings per share of $1.44 and revenue of $1.51B, compared to expectations of $1.25 and $1.49B, respectively. Q1 gross profit as a percentage of revenue came in at 49.7% on a GAAP basis and 51.2% on a non-GAAP basis. NEWS: On June 16, SanDisk announced a definitive agreement to acquire Fusion-io (FIO), a developer of flash-based PCIe hardware and software solutions that enhance application performance in enterprise and hyperscale datacenters. The acquisition will be an all-cash transaction valued at approximately $1.1B, net of cash assumed. Earlier today, SanDisk announced that the waiting period for U.S. antitrust review of its proposed acquisition of Fusion-io expired last night. The expiration of the HSR waiting period, together with the determination that no pre-merger notifications are required to be filed in Germany, satisfies one of the conditions to close the tender offer, though other conditions remain to be satisfied, the company noted. PEER REPORT: SanDisk peer Micron Technology (MU) reported earnings per share and revenue for its third quarter that surpassed analysts' expectations after the market close on June 23. Micron's Q3 EPS of 79c was 9c higher than expectations, while its Q3 revenue of $3.98B beat analysts' consensus forecast of $3.89B. Revenues for both DRAM and NAND Flash products were down slightly for the quarter compared to last year's results. STREET RESEARCH: The day after SanDisk announced its deal to buy Fusion-io, Sterne Agee increased its price target on SanDisk to $125 from $105. The firm said it thought that Fusion-io can conservatively increase SanDisk's FY15 EPS to about $7 and it kept a Buy rating on SanDisk. More recently, Stifel raised its price target on SanDisk to $114 from $95, as the firm expects the company's June quarter results to beat consensus estimates. The firm predicts that SanDisk's guidance for its September quarter may also beat expectations and believes that demand is shifting towards SanDisk's high valued products. Stifel kept a Buy rating on the stock. PRICE ACTION: Since the day after last quarter's report, shares of SanDisk have advanced about 41%. Ahead of tonight's report, SanDisk was up about 1.59% to $107.24 in afternoon trading.
News For SNDK;FIO;MU From The Last 14 Days
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April 16, 2015
06:19 EDTSNDKSanDisk downgraded to Market Perform from Outperform at Raymond James
Raymond James downgraded SanDisk to Market Perform following weak results and guidance.
06:19 EDTSNDKSanDisk downgraded to Neutral from Outperform at Credit Suisse
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April 15, 2015
18:56 EDTSNDKOn The Fly: After Hours Movers
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17:39 EDTSNDKSanDisk anticipates cost reductions of 15%-20% in 2015
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17:36 EDTMU, SNDKMicron shares trade lower by 1% after SanDisk Q1 results
17:33 EDTSNDKSanDisk down over 5% after Q1 financial results and guidance
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17:28 EDTSNDKSanDisk lowers FY15 revenue view to $5.4B-$5.7B from $6.5B-$6.8B
Consensus for FY15 revenue is $6.15B.
17:22 EDTSNDKSanDisk sees Q2 revenue $1.15B-$1.23B, consensus $1.45B
17:21 EDTSNDKSanDisk sees sequential decline in revenue in Q2
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17:16 EDTSNDKSanDisk says problems with embedded component product impacted Q1
The company says qualification delays for embedded component effected revenue in Q1 and will impact Q2.
17:12 EDTSNDKSanDisk no longer sees $1B in Enterprise sales for FY15
17:09 EDTSNDKSanDisk says reducing FY15 estimates for SAS product
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17:06 EDTSNDKSanDisk says financial performance over last two quarters 'unacceptable'
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16:08 EDTSNDKSanDisk says 'taking aggressive measures' to regain excellence
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16:06 EDTSNDKSanDisk reports Q1 adjusted gross margin 43%
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16:06 EDTSNDKSanDisk reports Q1 EPS 62c, consensus 66c
Reports Q1 revenue $1.33B, consensus $1.31B.
15:05 EDTSNDK, MUEarnings Watch: SanDisk to report Q1 results after lowering revenue guidance
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14:05 EDTSNDKSanDisk technical notes before earnings
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April 14, 2015
09:19 EDTMUMicron management to meet with Brean Capital
Meeting to be held in Chicago on April 21 hosted by Brean Capital.
08:39 EDTSNDKSanDisk volatility elevated into Q1 and outlook
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