SanDisk and Kinder Morgan released the earnings results from their most recently completed quarters after closing bell tonight. SanDisk posted adjusted earnings of 62 cents per share on $1.33 billion, a 12% year over year and 23% quarter over quarter decline. Analysts had been expecting the company to post earnings of 66 cents per share on $1.31 billion in revenue for the first quarter.
Kinder Morgan posted earnings of 22 cents per share on $3.6 billion in revenue. Analysts had been expecting the firm to post earnings of 24 cents per share on $4.58 billion in revenue for the first quarter.
Key metrics from SanDisk’s earnings report
SanDisk’s reported earnings were 17 cents per share, including acquisition-related and restructuring charges. In the same quarter a year ago, SanDisk earned $1.14 per share including items or $1.44 per share on a non-GAAP basis.
SanDisk President and CEO Sanjay Mehrotra said in a statement: “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. Our top priorities for 2015 are to strengthen our product roadmap and rebuild our momentum across the business.”
SanDisk also declared a second quarter dividend of 30 cents per share, which will be paid to shareholders of record as of May 4 on May 26.
Key metrics from Kinder Morgan’s earnings report
Kinder Morgan reported distributable cash flow of 58 cents per share excluding items. Net income was $459 million, compared to $601 million in the same quarter a year ago. The company’s five business segments recorded $1.92 billion in segment earnings before some items. Kinder Morgan had an expansion and joint venture investment backlog of $18.3 billion.
Kinder Morgan also increased its dividend 14% to 48 cents per share and is still targeting a full year dividend of $2 per share. The next dividend payment will be made on May 15 to shareholders of record as of April 30.