NEW YORK (TheStreet) -- SanDisk (SNDK) was gaining 2.8% to $78.00 in after-hours trading Wednesday after beating analysts' expectations for earnings in the first quarter and declaring a 22.5 cents a share dividend.
For the first quarter SanDisk reported earnings of $1.44 a share, beating analysts' estimates of $1.25 a share by 19 cents. Revenue grew 12.7% to $1.51 billion in the quarter. Analysts surveyed by Thomson Reuters expected revenue of $1.49 billion for the quarter.
The chipmaker also declared a quarterly dividend of 22.5 cents a share. The dividend is in-line with the company's previous, and is payable on May 27 to shareholders of record as of the close of business May 5.
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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 revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."