Seeking Alpha

SanDisk offers mixed guidance, margins tick higher

  • SanDisk (SNDK) has guided on its Q4 CC for Q1 revenue of $1.53B-$1.54B, above a $1.52B consensus. However, the midpoint of the company's full-year guidance range ($6.4B-$6.8B) is below a $6.71B consensus.
  • Q4 gross margin was 50.9%, +80 bps Q/Q and +1100 bps Y/Y. Recent NAND flash price pressure has slowed down margin expansion. SanDisk expects to have a gross margin of 47%-49% in seasonally weak Q1; that's down Q/Q, but from a Q1 2013 level of 40.5%.
  • $150M was spent on buybacks in Q4, down from a whopping $1.07B in Q3 (largely tied to an accelerated repurchase program)
  • SNDK +0.5% AH. Q4 results, PR.
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