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WD® Announces Q1 Revenue of $2.7 Billion and Net Income of $239 Million, or $1.01 Per Share
Oct 19, 2011 (04:10 PM EDT)
Company to Update Impact of Thailand Floods in Today's Conference Call
IRVINE, Calif., Oct. 19, 2011 /PRNewswire-FirstCall/ -- Western Digital Corp. (NYSE: WDC) today reported revenue of $2.7 billion, hard-drive unit shipments of 58 million and net income of $239 million, or $1.01 per share, for its first fiscal quarter ended Sept. 30, 2011. The company's results include expenses of $21 million associated with the planned acquisition of Hitachi Global Storage Technologies (Hitachi GST) announced Mar. 7, 2011 and unrelated litigation accruals. Excluding these expenses, non-GAAP net income was $260 million or $1.10 per share.(1)
In the year-ago quarter, the company reported revenue of $2.4 billion, net income of $197 million, or $0.84 per share, and shipped 51 million hard drives.
The company generated $352 million in cash from operations during the September quarter, ending with total cash and cash equivalents of $3.7 billion.
The investment community conference call to discuss these results will be broadcast live over the Internet today at 2 p.m. Pacific/5 p.m. Eastern. As previously reported, the company will also provide an update on the impact of the recent severe flooding in Thailand on its operations in the Bangkok region, along with its outlook for the December quarter. The live and archived conference call webcast can be accessed online at www.westerndigital.com/investor, click on "Conference Calls." The telephone replay number is 800-568-4850 in the U.S. or +1-203-369-3813 for international callers.
WD, one of the storage industry's pioneers and long-time leaders, provides products and services for people and organizations that collect, manage and use digital information. The company designs and produces reliable, high-performance hard drives and solid state drives that keep users' data accessible and secure from loss. Its advanced technologies are configured into applications for client and enterprise computing, embedded systems and consumer electronics, as well as its own consumer storage and home entertainment products.
WD was founded in 1970. The company's storage products are marketed to leading OEMs, systems manufacturers, selected resellers and retailers under the Western Digital® and WD® brand names. Visit the Investor section of the company's website (www.westerndigital.com) to access a variety of financial and investor information.
Western Digital, WD, and the WD logo are registered trademarks of Western Digital Technologies, Inc. All other trademarks mentioned herein belong to their respective owners.
(1) Non-GAAP net income for the first quarter of fiscal 2012 consists of GAAP net income of $239 million plus $21 million of acquisition-related expenses and unrelated litigation accruals. Non-GAAP earnings per share of $1.10 for the first quarter is calculated by using the same 237 million diluted shares as is used for GAAP earnings per share. The tax effect of the acquisition-related expenses and unrelated litigation accruals was not material.
SOURCE Western Digital Corp.