Wednesday, July 31st 2019
Western Digital Announces Financial Results for Fourth Quarter and Fiscal Year 2019
Western Digital Corp. (NASDAQ: WDC) today reported revenue of $3.6 billion for its fourth fiscal quarter ended June 28, 2019. The operating loss was $381 million with a net loss of $197 million, or ($0.67) per share. Excluding certain non-GAAP adjustments, the company achieved non-GAAP operating income of $158 million and non-GAAP net income of $50 million, or $0.17 per share.
In the year-ago quarter, the company reported revenue of $5.1 billion, operating income of $843 million and net income of $756 million, or $2.46 per share. Non-GAAP operating income in the year-ago quarter was $1.3 billion and non-GAAP net income was $1.1 billion, or $3.61 per share.
The company generated $169 million in cash from operations during the fourth fiscal quarter of 2019, and ended the quarter with $3.5 billion of total cash and cash equivalents. The company returned $146 million to shareholders through dividends. On May 2, 2019, the company declared a cash dividend of $0.50 per share of its common stock, which was paid to shareholders on July 15, 2019.
For fiscal 2019, the company achieved revenue of $16.6 billion, operating income of $87 million and net loss of $754 million, or ($2.58) per share, compared to fiscal 2018 revenue of $20.6 billion, operating income of $3.6 billion and net income of $675 million, or $2.20 per share. On a non-GAAP basis, fiscal 2019 operating income was $2.0 billion and net income was $1.4 billion, or $4.84 per share, compared to fiscal 2018 operating income of $5.4 billion and net income of $4.5 billion, or $14.73 per share. The company generated $1.5 billion in cash from operations during fiscal year 2019 and returned $1.1 billion to shareholders through share repurchases and dividends.
"We ended a challenging fiscal 2019 with leadership positions in capacity enterprise hard drives, 3D flash technology and branded retail products while achieving significant gains in client solid state drives," said Steve Milligan, chief executive officer, Western Digital. "Momentum for our NVMe enterprise solid state drives is picking up, setting the stage for further gains across our portfolio in the new fiscal year and beyond."
Milligan continued, "We are seeing signs of improving conditions in the flash market and believe that it has reached a cyclical trough. With continuing expectations for a positive demand environment, a robust product portfolio and expanding customer engagements, we expect to deliver improving financial results as we move through fiscal 2020."
In the year-ago quarter, the company reported revenue of $5.1 billion, operating income of $843 million and net income of $756 million, or $2.46 per share. Non-GAAP operating income in the year-ago quarter was $1.3 billion and non-GAAP net income was $1.1 billion, or $3.61 per share.
For fiscal 2019, the company achieved revenue of $16.6 billion, operating income of $87 million and net loss of $754 million, or ($2.58) per share, compared to fiscal 2018 revenue of $20.6 billion, operating income of $3.6 billion and net income of $675 million, or $2.20 per share. On a non-GAAP basis, fiscal 2019 operating income was $2.0 billion and net income was $1.4 billion, or $4.84 per share, compared to fiscal 2018 operating income of $5.4 billion and net income of $4.5 billion, or $14.73 per share. The company generated $1.5 billion in cash from operations during fiscal year 2019 and returned $1.1 billion to shareholders through share repurchases and dividends.
"We ended a challenging fiscal 2019 with leadership positions in capacity enterprise hard drives, 3D flash technology and branded retail products while achieving significant gains in client solid state drives," said Steve Milligan, chief executive officer, Western Digital. "Momentum for our NVMe enterprise solid state drives is picking up, setting the stage for further gains across our portfolio in the new fiscal year and beyond."
Milligan continued, "We are seeing signs of improving conditions in the flash market and believe that it has reached a cyclical trough. With continuing expectations for a positive demand environment, a robust product portfolio and expanding customer engagements, we expect to deliver improving financial results as we move through fiscal 2020."
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