SanDisk (SNDK) Shares Rise Following Earnings Report

NEW YORK (TheStreet) -- SanDisk (SNDK) rose 1.1% to $72.95 in extended trading Wednesday after announcing fourth-quarter profit and revenue that exceeded expectations.

The chipmaker posted revenue of $1.73 billion for the quarter, up 12% from the year-ago quarter. Thomson Reuters estimates expected revenue of $1.703 billion for the quarter.

SanDisk posted net income of $338 million, or $1.45 a share, up from $214 million, or 87 cents a share, a year earlier. Excluding one-time items, earnings rose to $1.71 a share from $1.05 a year ago. That's better than analyst estimates of $1.58 a share.

In a press release SanDisk president and CEO Sanjay Mehrotra said "Our SSD product revenue set another quarterly record and represented 19 percent of our annual revenue, and we also set a record for annual retail product revenue."

TheStreet Ratings team rates SANDISK CORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate SANDISK CORP (SNDK) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, compelling growth in net income, good cash flow from operations and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

If you liked this article you might like

5 Huge Tech Stocks Warren Buffett's Berkshire Hathaway Also Missed

Micron Technology Names Sanjay Mehrotra CEO, President

Cramer: And Now, the Von Trump Family Singers With 'My Favorite Things'

Samsung Plays 'Chips and Displays' Card in Earnings Comeback, but Is It a Winning Bet?

Western Digital Coincides With the 'New View' of the World: More Squawk From Jim Cramer