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Western Digital Announces Financial Results for Third Fiscal Quarter 2018
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4:15 PM ET 4/26/18 | BusinessWire
SAN JOSE, Calif.--(BUSINESS WIRE)--April 26, 2018--
Western Digital Corp. (NASDAQ: WDC) today reported revenue of $5.0 billion for its third fiscal quarter ended March 30, 2018. Operating income was $914 million with net income of $61 million, or $0.20 per share. The GAAP net income for the period includes debt extinguishment costs related to the company's debt financing transactions. Excluding these charges and after other non-GAAP adjustments, the company achieved non-GAAP operating income of $1.3 billion and non-GAAP net income of $1.1 billion, or $3.63 per share.
In the year-ago quarter, the company reported revenue of $4.6 billion, operating income of $525 million and net income of $248 million, or $0.83 per share. Non-GAAP operating income in the year-ago quarter was $1.0 billion and non-GAAP net income was $716 million, or $2.39 per share.
The company generated $1.0 billion in cash from operations during the third fiscal quarter of 2018, ending with $5.1 billion of total cash, cash equivalents and available-for-sale securities. On Jan. 27, 2018, the company declared a cash dividend of $0.50 per share of its common stock, which was paid to shareholders on April 16, 2018.
"The power and agility of our platform and our global team's sustained focus on operational execution drove another quarter of strong financial performance for Western Digital," said Steve Milligan, chief executive officer. "We saw particular strength in our high capacity enterprise hard drives, which achieved record quarterly revenue. A compelling portfolio of HDD and NAND flash products coupled with favorable macroeconomic conditions positions the Western Digital platform to drive further value for our customers and other stakeholders."
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