October 27, 2008

WD Reports Strong Q1 Growth

Hard disk drive manufacturer Western Digital has reported net profit of $211m for the first quarter 2009, compared to $69m in the year-ago quarter, on revenue up 19% at $2.1 billion.

Operating income grew 73% to $234m, while diluted EPS increased to $0.93 from $0.31 in the same period last year. The company had $301m cash from operations.

The company said shipments grew 34% to 39.4 million units, with notebook PCs and external storage drives shipments increasing 147% to 14.6 million, and 3.5-inch units for the PVR/DVR market shipments increasing 5% to 3.9 million.

John Coyne, president and chief executive at WD, said: "By presenting customers with a compelling product set, being selective in market and product mix, being responsive with availability and maintaining our focus on quality, efficiency, cost, and execution, we have again demonstrated the strength of the WD business model and the WD team. This proven and disciplined approach has repeatedly produced strong, profitable growth."

Looking ahead to the second quarter, the company expects revenue between $2.03 billion and $2.15 billion and EPS between $0.80 and $0.90.