Western Digital Corp. (NYSE: WDC) today reported revenue of $3.0 billion, hard-drive unit shipments of 44.2 million and net income of $483 million, or $1.96 per share, on a GAAP basis for its third fiscal quarter ended March 30, 2012. On a non-GAAP basis, net income was $619 million, or $2.52 per share.(1) Both the GAAP and non-GAAP results include the results of the company's newly acquired HGST subsidiary from the acquisition date of March 8 through the end of March. In the year-ago quarter, the company reported revenue of $2.3 billion, net income of $146 million, or $0.62 per share, and shipped 49.8 million hard drives. Non-GAAP net income in the year-ago quarter was $156 million, or $0.66 per share.(2)
The company generated $1.2 billion in cash from operations during the March quarter, ending with total cash and cash equivalents of $3.4 billion.
"Our third quarter performance demonstrates the potential of the new Western Digital, with just three and a half weeks of HGST results combined with the standalone WD business," said John Coyne, chief executive officer of Western Digital. "Competing in the marketplace with our separate WD and HGST subsidiaries, we now have the product portfolio, technology resources and the people to fully serve the needs of a significantly expanded customer base and to better address the tremendous growth opportunities in the storage industry in the years ahead.
"I am also pleased to announce today that the recovery activities related to both WD operations and those of our supply chain partners impacted by the Thailand floods have reached a point where we now have the capability to adequately meet anticipated customer demand in the current quarter and beyond," Coyne said.
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 live and archived conference call webcast can be accessed online at http://www.westerndigital.com/investor. The telephone replay number is 800-685-1820 in the U.S. or +1-203-369-3873 for international callers.
As previously announced, the company will hold an investor/analyst day on September 13 in Orange County, California. Additional details will be provided at a later date.
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