Western Digital announces Q4 revenue of $3.7 billion, hard-drive shipments tops 59.9 million!

Western Digital (WD) just reported revenue of $15.4 billion and net income of $1.7 billion, or $6.75 per share for fiscal year 2013, compared to fiscal 2012 revenue of $12.5 billion and net income of $1.6 billion, or $6.58 per share. On a non-GAAP basis, fiscal 2013 net income was $2.1 billion or $8.53 per share, compared to fiscal 2012 net income of $2.1 billion or $8.61 per share. More details after the jump.

For its fourth fiscal quarter ended June 28, 2013, the company reported revenue of $3.7 billion, hard-drive shipments of 59.9 million and net income of $416 million, or $1.71 per share. On a non-GAAP basis, net income was $477 million or $1.96 per share. In the year-ago quarter, the company reported revenue of $4.8 billion, net income of $745 million, or $2.87 per share, and shipped 71.0 million hard drives. Non-GAAP net income in the year-ago quarter was $872 million, or $3.35 per share.

The company generated $684 million in cash from operations during the June quarter, ending with total cash and cash equivalents of $4.3 billion. For fiscal year 2013, the company generated $3.1 billion in cash from operations and its free cash flow totaled $2.2 billion. During the quarter, the company utilized $235 million to buy back 4.4 million shares of common stock. On May 15, the company declared a $0.25 per common share dividend, which was paid on July 15.

“I am pleased with our performance in fiscal year 2013 and the June quarter, reflecting our expanding participation in the storage market, including the cloud and personal storage as we address the ongoing growth in digital data,” said Steve Milligan, president and chief executive officer of Western Digital. “Our financial results were strong with significant free cash flow generation, we continued to forecast the market accurately and we had outstanding execution by our HGST and WD subsidiaries.”

As reported in our Form 8-K filed on July 22, 2013, the Court of Appeals of the State of Minnesota reversed the decision of the District Court of Hennepin County, Minnesota, which had vacated a $630.4 million final arbitration award against the company and ordered a rehearing of certain claims in the arbitration between Western Digital and Seagate Technology, LLC. The financial information reported in this press release does not include any additional accrual for the arbitration award. Western Digital is reviewing the decision of the Minnesota Court of Appeals and will make a determination of whether or not to record an accrual in its results for the quarter ended June 28, 2013, after it completes its review.

Source: Western Digital

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