UPDATE: Western Digital (WDC) Tops Q2 EPS by 15c, Revenues Beat; Offers 3Q EPS/Revenue Guidance
Western Digital (NASDAQ: WDC) reported Q2 EPS of $0.69, $0.15 better than the analyst estimate of $0.54. Revenue for the quarter came in at $3.94 billion versus the consensus estimate of $3.88 billion.
News Summary
- Second quarter revenue was $3.9 billion, down 7% year-over-year (YoY). Client Devices revenue increased 19%, Data Center Devices and Solutions revenue declined 46%, and Client Solutions revenue increased 6% YoY.
- Second quarter GAAP earnings per share (EPS) was $0.20 and non-GAAP EPS was $0.69.
- Generated operating cash flow of $425 million and free cash flow of $149 million in the second quarter.
- Expecting fiscal third quarter 2021 revenue to be in the range of $3.85 billion to $4.05 billion with non-GAAP EPS in the range of $0.55 to $0.75.
“The team delivered solid results this quarter, especially as we continue adapting our business and technology portfolio to take advantage of the immense opportunities in the storage industry,” said, David Goeckeler, Western Digital CEO. “During the quarter, we captured strength in the retail business and also delivered on our target outcome to complete qualification of our energy-assisted hard drives and second-generation enterprise SSD products with some of the world’s largest data center operators. While there is still more work to be done, we remain extremely focused on meeting the needs of our customers and ramping our next-generation products throughout calendar 2021.”
GUIDANCE:
Western Digital sees Q3 2021 EPS of $0.55-$0.75, versus the consensus of $0.64. Western Digital sees Q3 2021 revenue of $3.85-4.05 billion, versus the consensus of $3.88 billion.
For earnings history and earnings-related data on Western Digital (WDC) click here.