On the heels of AMD and Apple, Western Digital has chimed in with its latest quarterly results. The hard drive maker says it raked in net income of $335 million on revenue of $3.8 billion during the second quarter of its 2013 fiscal year. (That quarter ended on December 28, 2012.) Those numbers represent a decline from the previous quarter but a nice jump over the same quarter a year back, when WD was suffering from the flooding in Thailand that engulfed some of its factories.
According to Reuters, these latest figures are higher than analysts predicted. The news agency credits WD's enterprise business for the strong results. WD's CEO sounds happy, as well:
“We are pleased with our December quarter results, reflecting outstanding execution and value creation by our HGST and WD® teams,” said Steve Milligan, president and chief executive officer. “In an environment marked by continued macro economic uncertainty, soft PC demand and inventory rebalancing by our customers, we continue to manage our business by focusing on those variables that we control, allowing us to generate better than expected revenue and profitability and strong cash generation.”
Here are the numbers:
|Q2 FY'12||Q1 FY'13||Q2 FY'13|
|Revenue||$2.0 billion||$4.0 billion||$3.8 billion|
|Net income||$145 million||$519 million||$335 million|
|HDD shipments||28.5 million||62.5 million||59.2 million|
Looking at the full quarterly data, one can see average selling prices for WD's hard drives were down a bit—from $69 a year before to $62 this past quarter. However, that's still nowhere near the $46 average selling price WD reported for the first quarter of its 2012 fiscal year, just before its factories were flooded.
Similarly, WD's gross margin seems to be inching down, but it's still nicely above the pre-flood level of around 20%.