SanDisk Rises After Q2 Results

SanDisk SNDK released its fiscal second-quarter earnings results on Wednesday after the closing bell. The company reported earnings per share and revenue that were ahead of Wall Street analysts' consensus estimates. In late trade, SanDisk was last up around 4 percent to $61.66. Management Commentary “We delivered record second quarter results driven by increasing momentum across our business. We achieved solid revenue growth in our embedded solutions portfolio with many design wins ramping into production,” said Sanjay Mehrotra, president and chief executive officer of SanDisk. “We are excited about our pending acquisition of SMART Storage Systems, as it accelerates our growth in enterprise storage. The growth drivers of our business are vibrant and SanDisk is poised for further gains.” Q2 Results The company reported net income of $262 million or $1.06 per share, compared to $13 million or $0.05 per share, in last year's corresponding period. On an adjusted basis, net income was $299 million or $1.21 per share, compared to $51 million or $0.21 per share, in last year's second-quarter. This easily topped analysts' consensus EPS estimates of $0.93. Revenue in the period rose 43 percent to $1.48 billion from $1.03 billion last year. This also easily beat analysts' consensus revenue estimates of $1.40 billion.