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U.S. flash memory maker Sandisk reported results that easily topped Wall Street expectations and said strong orders are continuing into the current quarter, sending shares up 10 percent Tuesday.
The company said its third-quarter results reflected "major gains'' in its business with equipment manufacturers. Margin improvements were helped by favorable pricing and cost reductions, SanDisk said.
"We are encouraged by improved industry fundamentals and our increasingly diversified global markets, which bode well for further growth in Q4 and in 2010,'' Chief Executive Eli Harari said in a news release.
The company said it swung to a net profit of $231.3 million, or 99 cents a share in its third quarter ended Sept. 27, from a net loss of of $165.9 million, or 74 cents a share, in the year-ago period.
Excluding items, the company earned 75 cents a share, beating the average analyst estimate of 26 cents a share, according to Thomson Reuters.
Revenue rose 14 percent to $935 million, well ahead of Wall Street's forecast of $787.9 million.
Oppenheimer & Co analyst Gary Hsueh said SanDisk's numbers were "phenomenal.''
"I'm just a little surprised that unit growth was so strong,'' he said. "That's really the source of the upside relative to the Street model.''
The company said total units sold in the September quarter rose 45 percent from the previous quarter, while average price per gigabyte sold slipped 3 percent.
NAND flash memory is found in many consumer electronics products, including smartphones and digital music players. The industry had been hurt earlier in the year by oversupply and weaker demand for consumer electronics.
SanDisk is the No. 1 maker of flash memory cards, which are used in devices such as digital cameras. Its shares have more than doubled this year as supply and demand in the NAND industry have found balance.
The shares of Milpitas, California-based SanDisk [SNDK
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] closed at $21.48 on the Nasdaq and rose almost 10 percent in extended trading.
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