SanDisk Shares Down After EPS Miss

SanDisk Corp. on Wednesday said it earned $39 million, or 17 cents a share, in the first quarter, compared with $1.14 a share a year ago. Results include a $61 million impairment charge related to an acquisition and $41 million related to restructuring and other charges. Adjusted for one-time items, the flash-memory maker earned 62 cents a share. "We are disappointed with our financial and operational performance and are quickly taking aggressive measures to regain the excellence in execution that we have delivered in the past," SanDisk chief executive Sanjay Mehrotra said in a statement. Sales came in at $1.33 billion in the quarter, in line with expectations. Analysts polled by FactSet had expected SanDisk to report earnings of 70 cents a share on sales of $1.33 billion. SanDisk also said its Board of Directors has declared a second-quarter 2015 cash dividend of 30 cents a share payable on May 26. Shares of SanDisk were down 0.5% in after-hours trading.

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