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.
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."
Latest News Posts
- 4-player coop mode coming to Watch Dogs 2 in June
- The first images from the new Tomb Raider movie are here
- First 'IT' trailer brings Pennywise back to terrify
- ASUS announces GTX 1080 11Gbps, GTX 1060 9Gbps models
- MSI and ASUS tease new GTX 1080s with 11Gbps GDDR5X RAM
- GA-EP45-UD3R having wierd issues with 8 GB RAM
- ROCCAT SUORA FX Mechanical Gaming Keyboard Review
- AORUS GeForce GTX 1080 Xtreme Edition 8G Review
- Cannot get rid of Asus Secure Delete
- NZXT Kraken X52 Liquid CPU Cooler Review
- MSI announces frosty limited edition Trident 3 Arctic gaming PC
- ADATA adds the i-Memory AI920 jet black flash drive
- FinalWire releases AIDA64 Extreme 5.90 benchmark software
- ASUS announces support for Intel Optane memory
- Thermaltake releases new View 28 RGB Gull-Wing window ATX mid-tower chassis series with Tt LCS Certified and unique 256-color RGB matrix design