Flash-memory card maker SanDisk Corp. (SNDK) Wednesday reported first-quarter net income of $166 million or $0.68 per share, compared to $114 million or $0.46 per share in the comparable quarter last year.
Excluding items, adjusted earnings for the quarter were $207 million or $0.84 per share, up from $156 million or $0.63 per share in the prior year. On average, 25 analysts polled by Thomson Reuters expected earnings of $0.77 per share for the first quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter rose 11% to $1.34 billion from $1.21 billion a year ago, while twenty-seven analysts had a consensus revenue estimate of $1.30 billion.
"Our SSD products drove 20 percent of sales and we delivered a record first quarter retail revenue," said Sanjay Mehrotra, president and chief executive officer of SanDisk. "Our strong results reflect an improved product mix and continued favorable industry supply and demand conditions. We believe our position in enterprise and client SSD markets, differentiated retail brand and continued focus on profitable growth provide us with solid momentum for continued gains in 2013."
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