Western Digital Announces Second Quarter Financial Results for Fiscal Year 2018

Subject: General Tech | January 31, 2018 - 07:31 PM |
Tagged: western digital, quarterly earnings, financial results

Western Digital has reported its quarterly earnings for the second quarter of its fiscal year 2018 (the quarter ending 12/29/2017). The San Jose-based storage company reported revenue of $5.3 billion and an operating income of $955 million. Under GAAP reporting, Wester Digital is reporting a net loss of $823 million (-$2.78/share) which includes $1.6 billion tax charge resulting from Western Digital repatriating foreign assets under the new Tax Cuts and Jobs Act.

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Under non-GAAP reporting, Western Digital had operating income of $1.4 billion and net income of $1.2 billion ($3.95/share). The company is reporting 9% revenue growth year over year and 2% growth versus last quarter. Operating income increased 72% versus the same quarter last year and 3% compared to the previous quarter (Q1 FY2018). Using non-GAAP numbers, Wester Digital saw operating income increase 47% and net income increase 78% year-over-year. Versus Q1 FY2018, operating income stayed the same (1.4 billion) and net income increased 9%.

Western Digital announced a 50-cent per share cash dividend on January 16th. Western Digital has a positive outlook for following quarters now that it has resolved negotiations with Toshiba to secure flash production and withdrawn its litigations. The company stated that it is on track to sample MAMR hard drives in the second half of this year and is ramping up production of 96-layer BICS 3D NAND X4 flash later this year. Western Digital's positive numbers are reportedly heavily influenced by its performance in the enterprise market with its large capacity hard drives and the continued growth of its flash product stacks.

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