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Western Digital: Fiscal 4Q Earnings Snapshot

SAN JOSE, Calif. (AP) _ Western Digital Corp. (WDC) on Thursday reported fiscal fourth-quarter profit of $756 million.

On a per-share basis, the San Jose, California-based company said it had net income of $2.46. Earnings, adjusted for one-time gains and costs, were $3.61 per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $3.52 per share.

The maker of hard drives for businesses and personal computers posted revenue of $5.12 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $5.06 billion.

For the year, the company reported profit of $675 million, or $2.20 per share. Revenue was reported as $20.65 billion.

Western Digital shares have fallen 3 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 6 percent. In the final minutes of trading on Thursday, shares hit $77.09, a drop of 17 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WDC at https://www.zacks.com/ap/WDC