|Western Digital Fiscal 1Q Profit Falls|
Thursday November 1, 6:35 pm ET
Western Digital Fiscal 1st-Quarter Profit Falls 33 Percent Due Mainly to Hefty Tax Charges
LAKE FOREST, Calif. (AP) -- Western Digital Corp. on Thursday said its fiscal first-quarter profit fell 33 percent due mainly to hefty tax charges, but the hard drive maker's results still beat Wall Street estimates.
For the quarter ended Sept. 28, the company reported net income of $69 million, or 31 cents per share, compared with $103 million, or 46 cents per share, in the year-ago period.
Excluding nonrecurring tax charges, Western Digital reported a profit of 58 cents per share in the recent quarter, and excluding acquisition-related charges, profit totaled 81 cents per share.
Revenue jumped to $1.77 billion from $1.26 billion.
Analysts polled by Thomson Financial expected a profit of 57 cents per share on revenue of $1.66 billion.
Shares of Western Digital rose 10 cents to end the regular trading session at $26.02.