UPDATE: Western Digital (WDC) Tops Q3 EPS by 34c, Revenues Beat; Offers FY21 EPS/Revenue Guidance Above Consensus

(Updated - April 29, 2021 4:06 PM EDT)

Western Digital (NASDAQ: WDC) reported Q3 EPS of $1.02, $0.34 better than the analyst estimate of $0.68. Revenue for the quarter came in at $4.1 billion versus the consensus estimate of $3.97 billion.

News Summary

• Third quarter revenue was $4.1 billion, down 1% year-over-year (YoY). Client Devices revenue increased 10%, Data Center Devices and Solutions revenue declined 19%, and Client Solutions revenue increased 8% YoY.
• Third quarter GAAP earnings per share (EPS) was $0.63 and non-GAAP EPS was $1.02.
• Generated operating cash flow of $116 million and free cash flow was negative $11 million in the third quarter.
• Expecting fiscal fourth quarter 2021 revenue to be in the range of $4.40 billion to $4.60 billion with non-GAAP EPS in the range of $1.30 to $1.60.

“We reported solid results above the guidance range, driven by increasing momentum of our energy-assisted drives and our second-generation NVMe enterprise SSDs, improving NAND flash pricing trends, along with the continued accelerated digital transformation across end markets,” said David Goeckeler, Western Digital CEO. “Western Digital’s strengths in technology and cost leadership, expansive product portfolio and broad routes to market are providing a foundation upon which we are solidifying our position as an essential building block of the digital economy. These strengths, combined with our increased operational and strategic focus enabled by our new business unit structure, are driving results. As we continue to face a dynamic environment, we are seeing the benefits of the synergistic value in the breadth of Western Digital’s portfolio, and our unique ability to deliver both hard drive and flash solutions to our diverse end-markets and customer base.”

GUIDANCE:

Western Digital sees Q4 2021 EPS of $1.30-$1.60, versus the consensus of $1.02. Western Digital sees Q4 2021 revenue of $4.4-4.6 billion, versus the consensus of $4.26 billion.

For earnings history and earnings-related data on Western Digital (WDC) click here.

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