Western Digital Corp. (WDC – Free Report) reported fourth-quarter fiscal 2017 non-GAAP earnings (including stock-based compensation) of $2.63 per share, which beat the Zacks Consensus Estimate by 12 cents.
Excluding stock based compensation, non GAAP earnings were $2.93 per share as compared with $1.03 reported in the year-ago quarter. The figure was much better than management’s guided range of $2.55–$2.65 per share.
Revenues increased 38.5% year over year to $4.84 billion and surpassed the Zacks Consensus Estimate of $4.80 billion. The figure was slightly better than management’s guidance.
Western Digital reported revenues of $19.09 billion in the fiscal 2017, which grew almost 47% over fiscal 2016. The results benefited from strong demand for both hard drive and NAND-based products from all categories of customers, largely driven by cloud and mobility based applications. The company is also significantly gaining from the synergies related to the SanDisk and HGST acquisitions.
Western Digital’s stock has gained 35.3% year to date, substantially outperforming the industry it belongs to.
Segment Revenue Details
Client devices (49.8% of total revenue) soared 52.1% year over year to $2.41 billion. Despite weak PC market, the segment benefited from a diversifying customer base and continued expansion of product portfolio in mobility and client SSD.
Western Digital Corporation Price, Consensus and EPS Surprise
Western Digital Corporation Price, Consensus and EPS Surprise | Western Digital Corporation Quote
