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WD posts fiscal Q3 profit of $146 million

Posted on Thursday, April 21 2011 @ 12:24:27 CEST by

Western Digital announced fiscal third quarter revenue of $2.25 billion and net income of $146 million, or 62 cents per share. Sales were hit due to a shift towards tablets (with solid state disks) and lower demand for the company's HDDs from PC makers. Analysts polled by Thomson Reuters expected WD to announce earnings of 66 cents per share on revenue of $2.26 billion.
Western Digital Corp. (NYSE: WDC) today reported revenue of $2.25 billion, hard-drive unit shipments of 50 million and net income of $146 million, or $0.62 per share, for its third fiscal quarter ended Apr. 1, 2011. The company's results include expenses of $10 million associated with the planned acquisition of Hitachi Global Storage Technologies announced Mar. 7, 2011. Excluding the acquisition-related expenses, non-GAAP net income was $156 million or $0.66 per share.(1)

In the year-ago quarter, the company reported revenue of $2.64 billion, shipped 51 million hard drives, and reported net income and earnings per share of $400 million and $1.71, respectively.

The company generated $313 million in cash from operations during the March quarter, ending with total cash and cash equivalents of $3.2 billion.

"The March quarter in the hard drive industry was impacted by two significant developments — the delayed supply of industry CPUs to PC makers and the tragic events in Japan," said John Coyne, president and chief executive officer. "While demand for hard drives in the quarter got off to a slow start, it later picked up as availability of CPUs improved and as fears took hold of component shortages related to the events in Japan.

"In relation to our planned acquisition of Hitachi GST, we are in the approval process with all required regulatory agencies, our integration planning is well underway and we have successfully syndicated the loan financing associated with the transaction."



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