Western Digital Announces Q2 Revenue of US$3.8 Billion and Non-GAAP Net Income of US$513 Million, or US$2.09 Per Share

Western Digital Corporation reported revenue of US$3.8 billion, hard-drive shipments of 59.2 million and net income of US$335 million, or US$1.36 per share for its second fiscal quarter ended Dec. 28, 2012. On a non-GAAP basis, net income was US$513 million or US$2.09 per share.1 In the year-ago quarter, the company reported revenue of US$2.0 billion, net income of US$145 million, or US$0.61 per share, and shipped 28.5 million hard drives. Non-GAAP net income in the year-ago quarter was US$358 million, or US$1.51 per share.2

The company generated US$772 million in cash from operations during the December quarter, ending with total cash and cash equivalents of US$3.8 billion. During the quarter, the company utilized US$146 million to buy back 4.2 million shares of common stock. On Dec. 3, the company declared a US$0.25 per common share dividend, which was paid on Dec. 26.

“We are pleased with our December quarter results, reflecting outstanding execution and value creation by our HGST and WD teams,” said Steve Milligan, president and chief executive officer. “In an environment marked by continued macro economic uncertainty, soft PC demand and inventory rebalancing by our customers, we continue to manage our business by focusing on those variables that we control, allowing us to generate better than expected revenue and profitability and strong cash generation.”