WD(R) Announces Fiscal Q3 Revenue of $2.6 Billion With Net Income of $400 Million, or $1.71 Per Share
Revenue Up 66 Percent, Hard Drive Shipments up 62 Percent, From Year-ago quarter
LAKE FOREST, Calif., April 22, 2010 /PRNewswire via COMTEX/ --Western Digital Corp. (NYSE: WDC) today reported revenue of $2.6 billion, hard drive shipments of 51.1 million units and net income of $400 million, or $1.71 per share, for its third fiscal quarter ended Apr. 2, 2010. In the year-ago quarter, the company reported revenue of $1.6 billion, hard drive shipments of 31.6 million units, and net income of $50 million, or $0.22 per share.
The company generated $588 million in cash from operations during the third quarter, ending with total cash and cash equivalents of $2.8 billion.
John Coyne, president and chief executive officer, said: "With market demand stronger than anticipated in the March quarter, our large-scale vertical integration, agile business model and product breadth allowed us to respond to this upside opportunity and again grow our share of the overall hard drive market.
"We believe that 2010 will continue to be a strong year for digital storage," said Coyne. "We will maintain our focus on facilitating our customers' growth and making them successful while at the same time achieving sustained profitability for WD."
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. The call will be accessible live and on an archived basis via the link below:
Audio Webcast: http://www.westerndigital.com/investor
Click on "Conference Calls"
Telephone Replay: 800-879-3693 (toll-free)
Full report here.
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 media 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(R) 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.