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WD Q4 Revenue Up

7/22/2010 08:58:22 AM Eastern
Lake Forest, Calif. - Western Digital said quarterly revenue and hard-drive unit shipments were up, but revenue was down, in its financial results.

 Fiscal year 2010 and fourth quarter results, both ended July 2, were reported late Wednesday.

For the quarter, revenue totaled $2.4 billion, hard drive unit shipments were 49.7 million, and net income was $265 million, or $1.13 per share, it said. This compares with revenue of $1.9 billion, 40 million hard drives shipped, and reported net income and earnings per share of $196 million and $0.86, respectively, in the year-ago quarter.

The quarterly results included $27 million of expense related to litigation settlements. It also included $5 million of income from the resolution of restructuring accruals and an $18 million gain on the sale of the company's substrate manufacturing facility in Sarawak, Malaysia.

For fiscal year 2010, the company reported revenue of $9.8 billion and net income of $1.4 billion, or $5.93 per share, compared with revenue of $7.5 billion and net income of $470 million, or $2.08 per share, for the prior year.

In fiscal year 2010, WD said it grew revenue 32 percent and increased its operating income by 194 percent year on year.

"Despite softer-than-anticipated June quarter demand, fiscal year 2010 was another year of significant growth and profitability for Western Digital," said John Coyne, president and CEO, in a statement. "The long-term demand for low-cost, high-volume storage driven by the proliferation of data and content-hungry consumer and commercial devices remains strong. With our focus on customer needs, quality, low cost, and high asset efficiency in the highest growth markets, we believe WD is well positioned to continue to generate growth on a sustained and profitable basis."
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