Western Digital announced its fiscal first quarter results, the company reported record revenue of $2.2 billion, record hard drive shipments of 44.1 million units and a net income of $288 million, or $1.25 per share. Compared to the same period last year, revenue is up 5 percent, HDD unit shipments up 12 percent, and net income up 36 percent.
Western Digital Corp. (NYSE: WDC) today reported record revenue of $2.2 billion, record hard drive shipments of 44.1 million units and net income of $288 million, or $1.25 per share, for its first fiscal quarter ended Oct. 2, 2009. In the year-ago quarter, the company reported revenue of $2.1 billion, unit shipments of 39.4 million, and net income of $211 million.
The company generated $434 million in cash from operations during the first quarter, ending with total cash and cash equivalents of $2.1 billion.
"For the second consecutive quarter, demand for hard drives was stronger than expected as the positive industry conditions that materialized in the June quarter continued throughout the September quarter," said John Coyne, president and chief executive officer. "We believe this demand is being driven primarily by consumers as a result of the growing social media phenomenon. This is creating demand in mobile and desktop PCs, branded products and enterprise storage. Hard drive inventories remain at historically low levels, reflecting industry discipline in managing supply and demand.
"In the September quarter, we leveraged our organization-wide agility to respond to unexpectedly robust demand and again generated strong financial results. As we enter the December quarter, demand remains strong and our product line-up, availability and cost profile position us to benefit from continuing growth opportunities."