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Western Digital Announces Q4 Revenue of $1.9 Billion

For fiscal year 2009, the company posted revenue of $7.5 billion, net income of $470 million, or $2.08 per share, compared to $8.1 billion in revenue, and net income of $867 million, or $3.84 per share for the prior year. The 2009 net income amount included a $14 million in-process research and development charge related to the acquisition of SiliconSystems Inc., $112 million of restructuring charges, an $18 million gain on the sale of assets from the company's media substrate manufacturing facility in Sarawak, Malaysia and $4 million of tax benefits associated with the restructuring charges. It would appear that Western Digital was able to beat forecasts even though earnings fell 8%.

"In a challenging time for the worldwide economy and the hard drive industry, WD maintained profitability and stayed cash flow positive throughout the fiscal year," said John Coyne, president and chief executive officer. "Our fiscal 2009 and June quarter results demonstrate customers' ongoing preference for WD products based on their exceptional quality, reliability and availability, as well as the continued effectiveness of the WD business model and the passion, nimbleness and capabilities of the WD team. In the June quarter, we responded promptly to capitalize on unexpected market upside in each of our served markets to produce financial results that significantly exceeded expectations, and included a return to our targeted gross margin and operating expense model parameters."

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Posted by | Tue, Jul 28, 2009 - 04:57 PM