July 27th, 2018 by Adam Armstrong
Western Digital Reports 4Q18 & Fiscal Year Earnings
Western Digital Corporation (WDC) reported its fourth quarter earnings as well as its year-end fiscal earnings for 2018 that ended June 29, 2018. Overall the numbers are good for the quarter and the report was able to beat expectations. The stock is down slightly today and down roughly 20 points from this time last year.
Looking at the numbers, WD reported revenue of $5.12 billion for the quarter, up from $5 billion last quarter and up from $4.8 billion the same time a year ago. The company reported an operating income of $843 million and a net income of $756 million (or $2.46/share). The company also reported a non-GAAP operating income of $1.3 billion and a non-GAAP net income of $1.1 billion ($3.61/share).
For the fiscal year, WD saw record setting revenue of $20.6 billion up from last year’s $19.1 billion. The company reported an operating income of $3.6 billion and a net income of $675 million (or $2.20/share), again a considerable improvement over last years operating income of $2 billion and net income of $397 million. The company generated $4.2 billion in cash and returned $1.2 billion to shareholders in dividends. The company is replacing its share repurchase program with a new $5 billion program.
The company reported that it had shipped 106.5 Exabytes with 55EB going toward the data center.
Western Digital is expecting non-GAAP revenue between $5.1-5.2 billion next quarter with a gross margin between 38-39% non-GAAP.
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