Shares of Western Digital Corp. (NASDAQ:WDC) gained 3% after the company posted fourth-quarter results. Revenue decline 29.1% from the prior-year quarter to $3.63 billion, falling $40 million short of expectations. The company posted earnings of 17 cents per share, missing estimates by 2 cents.
During the quarter, the company generated $169 million in cash flow from operations and recorded $3.5 billion in total cash and cash equivalents. Further, it returned $146 million to shareholders through dividends.
In full fiscal 2019, the company generated $1.5 billion in cash from operations and returned $1.1 billion to shareholders via share repurchases and dividends.
Looking ahead to the first quarter of 2020, the company expects revenue to be between $3.8 billion and $4 billion. Earnings are projected to range from 15 cents to 35 cents per share.
During the quarter ended June 30, the FPA Capital Fund (Trades, Portfolio) reduced its holding by 40.3% to 187,249 shares and Robert Olstein (Trades, Portfolio) curbed his position by 0.5% to 189,000 shares.
Shares of Verizon Communications Inc. (NYSE:VZ) remained relatively flat on Thursday after announcing second-quarter results. The company posted earnings of $1.23 per share on $32.1 billion in revenue, a 0.4% year-over-year decline. The company beat earnings estimates by 3cents, but fell $320 million short of revenue expectations.
"Verizon finished strong in the first half of 2019 by delivering solid financial results while transforming the business under the new operating structure and advancing our leadership in 5G," Chairman and CEO Hans Vestberg said.
Cash flow from operations was $15.8 billion, a decline of $600 million year over year.
Looking ahead to the third quarter, the company expects low-single-digit growth in adjusted earnings per share and revenue. It also projects capital spending for 2019 to be about $17 billion to $18 billion.
During the quarter ended June 30, the T Rowe Price Equity Income Fund (Trades, Portfolio) reduced its stake by 3.5% to 6,920,000 shares and Ken Fisher (Trades, Portfolio) reduced his holding by 92% to 48,310 shares.
Disclosure:The author holds no positions in any stocks mentioned.
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This article first appeared on GuruFocus.
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