Bangkok--8 May--Pr Plus Two
WESTERN DIGITAL? ANNOUNCES Q3 REVENUE OF US $3.8 BILLION AND NON-GAAP NET INCOME OF $514 MILLION, OR US $2.10 PER SHARE1
Western Digital? Corp. (NASDAQ: WDC) today reported revenue of US$3.8 billion, hard-drive shipments of 60.2 million and net income of US $391 million, or US $1.60 per share for its third fiscal quarter ended Mar. 29, 2013. On a non-GAAP basis, net income was US $514 million or US $2.10 per share.1 In the year-ago quarter, the company reported revenue of US$3.0 billion, net income of US $483 million, or US $1.96 per share, and shipped 44.2 million hard drives. Non-GAAP net income in the year-ago quarter was US $619 million, or US $2.52 per share.2
The company generated US $727 million in cash from operations during the March quarter, ending with total cash and cash equivalents of US $4.1 billion. During the quarter, the company utilized US $243 million to buy back 5.2 million shares of common stock. On Feb. 14, the company declared a US $0.25 per common share dividend, which was paid on Apr. 15.
“Strong execution by our HGST and WD subsidiaries drove outstanding results in the March quarter as we continue to capitalize on the secular growth of digital data,” said Steve Milligan, president and chief executive officer. “Overall industry demand was in line with our expectations. In our business, we saw strength in enterprise, stable performance in client and consumer electronics, and some anticipated seasonal softness in Branded Products.”
1Non-GAAP net income for the third quarter fiscal 2013 consists of GAAP net income of $391 million plus $49 million of amortization of intangibles related to the acquisition of HGST and $74 million related to employee termination benefits and other unrelated charges. Non-GAAP earnings per share of $2.10 for the third quarter is calculated by using the same 245 million diluted shares as is used for GAAP earnings per share. The tax effect of the aforementioned items was not material.
2 Non-GAAP net income for the third quarter fiscal 2012 consists of GAAP net income of $483 million plus $103 million for costs recognized upon the sale of inventory that was written-up to fair value and amortization of intangibles related to the acquisition of HGST, $34 million of acquisition-related expenses and $15 million for charges and expenses related to the flooding net of recoveries, less $16 million of tax effects related to the aforementioned items. Non-GAAP earnings per share of $2.52 for the third quarter is calculated by using the same 246 million diluted shares as is used for GAAP earnings per share
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