Western Digital Corp. (NYSE:WDC) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.12%.
Western Digital Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 41.49% to $1.96 in the quarter versus EPS of $3.35 in the year-earlier quarter.
Revenue: Decreased 21.58% to $3.73 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Western Digital Corp. reported adjusted EPS income of $1.96 per share. By that measure, the company beat the mean analyst estimate of $1.81. It beat the average revenue estimate of $3.63 billion.
Quoting Management: “I am pleased with our performance in fiscal year 2013 and the June quarter, reflecting our expanding participation in the storage market, including the cloud and personal storage as we address the ongoing growth in digital data,” said Steve Milligan, president and chief executive officer of Western Digital. “Our financial results were strong with significant free cash flow generation, we continued to forecast the market accurately and we had outstanding execution by our HGST and WD® subsidiaries.”
Key Stats (on next page)…
Revenue decreased 0.96% from $3.76 billion in the previous quarter. EPS decreased 6.67% from $2.10 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $2.04 to a profit $2.05. For the current year, the average estimate has moved up from a profit of $8.27 to a profit of $8.35 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)