Thursday October 27, 2016

Western Digital Announces Financial Results for First Fiscal Quarter 2017

Western Digital Corp. today reported revenue of $4.7 billion, operating income of $232 million and a net loss of $366 million, or $1.28 per share, for its first fiscal quarter ended Sept. 30, 2016. The GAAP net loss for the period includes charges associated with the company's recent acquisitions and debt extinguishment charges related to its repricing and repayment of outstanding debt. Excluding these charges and other non-GAAP adjustments, first quarter non-GAAP operating income was $632 million and non-GAAP net income was $341 million, or $1.18 per share.

In the year-ago quarter, the company reported revenue of $3.4 billion, operating income of $322 million and net income of $283 million, or $1.21 per share. Non-GAAP operating income in the year-ago quarter was $405 million and non-GAAP net income was $366 million, or $1.56 per share. The company generated $440 million in cash from operations during the first fiscal quarter of 2017, ending with total cash and cash equivalents of $4.1 billion. On Aug. 3, 2016, the company declared a cash dividend of $0.50 per share of its common stock, which was paid to shareholders on Oct.17, 2016.

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