Western Digital (WDC) Shares Higher Amid 36% Surge in Net Income; Outlines Thai Flood Recovery
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Price: $469.05 +1.51%
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Today's EPS Names:
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Western Digital (NYSE: WDC) shares are moving higher following second-quarter 2012 results which were issued after the market closed Monday.
Revenue fell 19.4 percent from $2.475 billion during the same quarter last year to $1.995 billion.
Net income fell 36 percent to $145 million, or 61 cents per diluted share. Excluding several one-time items related to Thailand flooding and the planned acquisition of Hitachi Global Storage Technologies, earnings were a more robust $1.51 per share.
The Street was looking for earnings of 71 cents, which may compare more favorably with the unadjusted number, while revs were expected to be $1.84 billion.
Western Digital gave an update on Thailand operations, saying, "it has made significant additional progress to restore its manufacturing capacity following the recent flooding in Thailand. It has continued to ramp HDD production in Thailand and yesterday resumed slider production which had been suspended since October 10[th, 2011]. The company now believes its manufacturing capacity will be back to pre-flood capabilities in the quarter ending September 2012."
The company said it was on track for completion of the HGST acquisition by March 2012.
The firm generated $249 million in net cash and cash equivalents in the period, about in-line with results from the same period last year.
UPDATE: On the conference call, Western Digital said it expects third-quarter non-GAAP EPS of $1.15-$1.45 on sales of $2-$2.15 billion. The Street is currently expecting Q3 EPS of $0.91 on sales of $2.05 billion.
Shares of Western Digital are up about 5 percent in late-Monday trading.
Revenue fell 19.4 percent from $2.475 billion during the same quarter last year to $1.995 billion.
Net income fell 36 percent to $145 million, or 61 cents per diluted share. Excluding several one-time items related to Thailand flooding and the planned acquisition of Hitachi Global Storage Technologies, earnings were a more robust $1.51 per share.
The Street was looking for earnings of 71 cents, which may compare more favorably with the unadjusted number, while revs were expected to be $1.84 billion.
Western Digital gave an update on Thailand operations, saying, "it has made significant additional progress to restore its manufacturing capacity following the recent flooding in Thailand. It has continued to ramp HDD production in Thailand and yesterday resumed slider production which had been suspended since October 10[th, 2011]. The company now believes its manufacturing capacity will be back to pre-flood capabilities in the quarter ending September 2012."
The company said it was on track for completion of the HGST acquisition by March 2012.
The firm generated $249 million in net cash and cash equivalents in the period, about in-line with results from the same period last year.
UPDATE: On the conference call, Western Digital said it expects third-quarter non-GAAP EPS of $1.15-$1.45 on sales of $2-$2.15 billion. The Street is currently expecting Q3 EPS of $0.91 on sales of $2.05 billion.
Shares of Western Digital are up about 5 percent in late-Monday trading.
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