Western Digital Corp. today reported revenue of $3.8 billion and net income of $495 million, or $2.05 per share for its first fiscal quarter ended Sept. 27, 2013. On a non-GAAP basis, net income was $514 million or $2.12 per share. In the year-ago quarter, the company reported revenue of $4.0 billion, net income of $519 million, or $2.06 per share. Non-GAAP net income in the year-ago quarter was $594 million, or $2.36 per share.
The company generated $680 million in cash from operations during the September quarter, ending with total cash and cash equivalents of $4.9 billion. During the quarter, the company utilized $150 million to buy back 2.3 million shares of common stock. On Sept. 19, the company declared a $0.25 per common share dividend, which was paid on Oct. 15.
"We continued to perform well in the September quarter as we remained focused on delivering value to our customers through differentiated and innovative storage solutions in all of our served markets," said Steve Milligan, president and chief executive officer. "Our HGST and WD subsidiaries continued to execute very well. Outstanding linearity drove strong operating results, with gross margins above the midpoint of our model range and earnings per share well above the high end of our guidance. Longer term, we are very excited about our ability to enable the ongoing creation, storage and management of digital content by consumers and businesses."
Recommended for You
Latest News Posts
- Samsung 'Bedtime VR Stories' is a truly new way of telling stories
- First Call of Duty: Infinite Warfare trailer now live
- Without the reconstruction tech, Quantum Break looks incredible at 4K
- Forza Motorsport 6: Apex requires 16GB RAM for gaming at 4K 60FPS
- Quantum Break's new PC patch fixes lots, weighs a huge 27GB
- Sabertooth Z170 S - Accessory fan
- C2750D4I BMC Self Test Status Failure
- WD 1TB Black drive memory dump while Win 7 installed.
- Corsair K70 RGB RAPIDFIRE Mechanical Gaming Keyboard Review
- Creative Sound Blaster Roar Pro Bluetooth Portable Speaker Review
- ASRock and Intel teams up to create one of the smallest mini PCs: DeskMini
- Sapphire launches Radeon Pro Duo for ultimate VR & 4K experience
- Seagate now shipping 10TB helium enterprise drive in volume
- ENERMAX announces the new DFR technology with D.F.PRESSURE
- World's first 24/7 esports TV channel launched