Thursday, October 31st 2019

Western Digital Announces Financial Results for First Quarter Fiscal Year 2020

Western Digital Corp. today reported revenue of $4.0 billion for its first fiscal quarter ended October 4, 2019. The operating loss was $129 million with a net loss of $276 million, or ($0.93) per share. Excluding certain non-GAAP adjustments, the company achieved non-GAAP operating income of $235 million and non-GAAP net income of $101 million, or $0.34 per share.

In the year-ago quarter, the company reported revenue of $5.0 billion, operating income of $686 million and net income of $511 million, or $1.71 per share. Non-GAAP operating income in the year-ago quarter was $1.1 billion and non-GAAP net income was $906 million, or $3.04 per share. The company's first fiscal quarter of 2020 was a 14-week fiscal quarter, compared to a 13-week fiscal quarter for the year-ago quarter.
The company generated $253 million in cash from operations during the first fiscal quarter of 2020, and ended the quarter with $3.2 billion of total cash and cash equivalents. The company returned $147 million to shareholders through dividends and used $319 million to reduce debt. On August 7, 2019, the company declared a cash dividend of $0.50 per share of its common stock, which was paid to shareholders on October 22, 2019.

"Fiscal year 2020 is off to a good start. The continued success of our capacity enterprise drives for the data center was the primary driver of the upside we experienced in the fiscal first quarter," said Steve Milligan, chief executive officer, Western Digital. "The overall demand environment remains solid. We continue to believe the flash industry has passed a cyclical trough, with improving trends across our flash product portfolio. With a broad and growing product portfolio, Western Digital remains well positioned to benefit from the long-term drivers of the growth and value of data."
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6 Comments on Western Digital Announces Financial Results for First Quarter Fiscal Year 2020

#1
BorgOvermind
Wrong title. 2019 not 2020.
Unless they time traveled.
Posted on Reply
#2
shadad
BorgOvermind
Wrong title. 2019 not 2020.
Unless they time traveled.
:D:D
Posted on Reply
#3
64K
BorgOvermind
Wrong title. 2019 not 2020.
Unless they time traveled.
No, it's correct. WD 2020 Fiscal Year runs from July 2019 through June 2020.
Posted on Reply
#4
BorgOvermind
64K
No, it's correct. WD 2020 Fiscal Year runs from July 2019 through June 2020.
The company's first fiscal quarter of 2020 was a 14-week fiscal quarter [...]
It seems at 475 years old my logic starts failing me.
Posted on Reply
#5
64K
BorgOvermind
It seems at 475 years old my logic starts failing me.
It would have been clearer if he had said "The company's first Fiscal Quarter of Fiscal Year 2020 was......" but the title of the article makes it obvious what he means.
Posted on Reply
#6
BorgOvermind
I still find illogical to name a fiscal year that spans on 2 years with the second year, not the one it starts in.
Posted on Reply