Western Digital Beats The Street
On February 5th of this year, we featured Western Digital Corp (WDC) as our Wall St. Cheat Cheat Premium Feature Trade. This afternoon, Lake Forest, CA-based Western Digital Corp. (WDC) 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. Analysts were expecting a consensus earnings estimate of $1.55 per share. 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.
WDC 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 CEO, 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.”