Western Digital (WDC) Issues Solid Q1 Results, But Q2 Guidance Sends Investors Packing
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Price: $562.93 +6.36%
EPS Growth %: +97.0%
Financial Fact:
Gross margin: 1.34B
Today's EPS Names:
PLCE, COE, JVA, More
EPS Growth %: +97.0%
Financial Fact:
Gross margin: 1.34B
Today's EPS Names:
PLCE, COE, JVA, More
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Western Digital Corp. (Nasdaq: WDC) is lower following better-than-expected first-quarter 2013 results, but sour guidance.
Shipping 62.5 million hard drives, Western Digital reported a near-50 percent increase in revs to $4.04 billion, from $2.69 billion in the same period last year. Net income more than doubled to $519 million, or $2.06 per share. After adjusting for certain one-time items, EPS was more robust at $2.36.
Overall, the Street was looking for revs of $3.98 billion and EPS of $2.30.
Cash generation is solid at 1.58 times net income.
"While the macroeconomic environment is dampening near term demand, we remain confident in the continued long-term growth in the creation, storage and management of digital content," commented CEO John Coyne.
Looking ahead, Western Digital sees second-quarter adjusted EPS of $1.65 to $1.85 and revs of $3.55 billion to $3.70 billion. The Street sees EPS of $2.43 and revs of $4.13 billion.
Shares are down about 5 percent in late Monday trading.
Shipping 62.5 million hard drives, Western Digital reported a near-50 percent increase in revs to $4.04 billion, from $2.69 billion in the same period last year. Net income more than doubled to $519 million, or $2.06 per share. After adjusting for certain one-time items, EPS was more robust at $2.36.
Overall, the Street was looking for revs of $3.98 billion and EPS of $2.30.
Cash generation is solid at 1.58 times net income.
"While the macroeconomic environment is dampening near term demand, we remain confident in the continued long-term growth in the creation, storage and management of digital content," commented CEO John Coyne.
Looking ahead, Western Digital sees second-quarter adjusted EPS of $1.65 to $1.85 and revs of $3.55 billion to $3.70 billion. The Street sees EPS of $2.43 and revs of $4.13 billion.
Shares are down about 5 percent in late Monday trading.
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