SanDisk released its latest earnings report after closing bell tonight, posting non-GAAP earnings of $1.30 per share or $294 million on revenue of $1.74 billion, a slight year over year increase but a 1% quarter over quarter decline. Analysts had been expecting earnings of $1.26 per share on $1.73 billion in revenue.

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Breaking down SanDisk’s earnings

Fourth quarter GAAP earnings were 86 cents per share or $202 million, compared to $1.45 per share or $338 million in the same quarter last year. For the full year, SanDisk posted non-GAAP earnings of $5.60 per share or $1.29 billion, GAAP earnings of $4.23 per share or $1.01 billion, and revenue of $6.63 billion, a new record.

“We delivered record revenue in 2014 with continued progress in shifting our portfolio towards high value solutions,” said SanDisk President and CEO Sanjay Mehrotra in a statement. “Our SSD solutions reached 29 percent of revenue in 2014, with strong growth from both client and enterprise SSDs. We are disappointed with our fourth quarter results, which were impacted primarily by supply constraints. We believe that NAND flash industry fundamentals are healthy, and we expect our financial results to improve as we move through 2015.”

SanDisk also announced today that it has received its 5,000th patent. Also during the quarter, the company introduced its iXpand Flash Drive, its first USB Flash Drive that’s been designed for the iPad and iPhone.

SanDisk returns capital

Tonight SanDisk also declared a dividend for the first quarter. The company will pay 30 cents per share on March 23 to shareholders of record as of March 2.

In addition, the company’s board of directors authorized another $2.5 billion worth of share repurchases. Since beginning the buyback program in 2011, SanDisk has authorized $6.25 billion. The company has about $3 billion left on its authorization under the expanded program.

Shares of SanDisk rose as much as 1% after tonight’s earnings release.