Flash: SanDisk prelim $1.03 vs $1.00 Thomson Reuters consensus; revs $1.29 bln vs $1.26 bln Thomson Reuters consensus

SanDisk beats by $0.03, beats on revs (48.99 +0.54)
Reports Q1 (Mar) earnings of $1.03 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $1.00; revenues rose 19.2% year/year to $1.29 bln vs the $1.26 bln consensus. Co reports Q1 non-GAAP gross margins of 43.1% vs 43.0% consensus. “Our embedded mobile business drove growth in the first quarter, and SanDisk executed well to deliver strong business results,” said Sanjay Mehrotra, President and CEO. “We have been actively managing our supply chain following the recent events in Japan and believe we remain on track to deliver a strong 2011 for SanDisk.”