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Western Digital Announces Financial Results for First Quarter and Fiscal Year 2015

Announcement posted by Gap Marketing and Management 31 Oct 2014

Today reported revenue of US$3.9 billion and net income of US$423 million, or US$1.76 per share, for its first fiscal quarter ended Oct. 3, 2014.
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SYDNEY, Australia. — Oct. 31, 2014 — Western Digital® Corp. (NASDAQ: WDC) today reported revenue of US$3.9 billion and net income of US$423 million, or US$1.76 per share, for its first fiscal quarter ended Oct. 3, 2014. On a non-GAAP basis, net income was US$504 million or US$2.10 per share. In the year-ago quarter, the company reported revenue of US$3.8 billion and net income of US$495 million, or US$2.05 per share. Non-GAAP net income in the year-ago quarter was US$514 million, or US$2.12 per share.

The company generated US$827 million in cash from operations during the September quarter, ending with total cash and cash equivalents of US$5.2 billion. During the September quarter, the company utilised US$223 million to repurchase 2.2 million shares of common stock. On Aug. 5, the company declared a US$0.40 per common-share dividend, which was paid on Oct. 15.

“We achieved solid revenue, gross margins and EPS in the September quarter, along with continued strong cash flow generation, as the company continued its crisp execution and consistent financial performance,” said Steve Milligan, president and chief executive officer of Western Digital. “We were pleased to see strength and momentum in our capacity enterprise hard drive and flash platform solutions businesses. Our client and branded products businesses were seasonally strong as expected and our performance enterprise business was steady. Overall, we believe industry dynamics are stable in terms of supply and demand and inventory levels.”

About Western Digital
Founded in 1970, Western Digital Corp. (NASDAQ: WDC), Irvine, Calif., is an industry-leading developer and manufacturer of storage solutions that enable people to create, manage, experience and preserve digital content. Its HGST and WD® subsidiaries are long-time innovators in the storage industry. Western Digital Corporation is responding to changing market needs by providing a full portfolio of compelling, high-quality storage products with effective technology deployment, high efficiency, flexibility and speed. Our products are marketed under the HGST, WD and G-Technology™ brands to OEMs, distributors, resellers, cloud infrastructure providers and consumers. Financial and investor information is available on the company’s Investor Relations website at investor.wdc.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning industry dynamics. These forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including the impact of continued uncertainty and volatility in global economic conditions; supply and demand conditions in the hard drive industry; uncertainties concerning the availability and cost of commodity materials and specialised product components; actions by competitors; unexpected advances in competing technologies; uncertainties related to the development and introduction of products based on new technologies and expansion into new data storage markets; business conditions and growth in the various hard drive markets; pricing trends and fluctuations in average selling prices; and other risks and uncertainties listed in the company’s filings with the Securities and Exchange Commission (the “SEC”), including the company’s Form 10-K filed with the SEC on Aug. 15, 2014, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

Western Digital, WD and the WD logo are registered trademarks in the U.S. and other countries. HGST trademarks are intended and authorised for use only in countries and jurisdictions in which HGST has obtained the rights to use, market and advertise the brand. Other marks may be mentioned herein that belong to other companies.