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
- Activists say it's time for US to start promoting 'smart' weapon tech
- Impression Pi VR headset hits Kickstarter goal in just four days
- IDC: Smart buildings to balloon to $17.4 billion in 2019
- Dead or Alive 5 on the PC won't have online play for three more months
- Microsoft begins rolling out its Project Spartan browser to Windows 10
- Z77X-UD3H Back USB Ports Not Working
- AMD's Future of Gaming: FreeSync, DirectX 12, LiquidVR, VR and more
- Asus n5 dh71 subwoofer problem
- Supermicro C7X99-OCE (Intel X99) Motherboard Review
- PC-06S vs PC-06SX?
- Xilence Announces 402 C-Series CPU Coolers
- BIOSTAR reveals Hi-Fi B85Z5 Motherboard
- Acer Debuts the 15.6-Inch C910 Chromebook
- Antec Announces the VSP-5000 Case with Sound-Dampening
- MSI Launches New mini-PC - Cubi