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Thursday, July 26, 2012
WD Beats Seagate This Quarter

Western Digital has maintained its leading position for the quarter ended June 2012, in terms of HDD shipments and revenue.

WD reported revenue of $12.5 billion and net income of $1.6 billion, or $6.58 per share for fiscal year 2012, compared to fiscal 2011 revenue of $9.5 billion and net income of $726 million, or $3.09 per share.

On a non-GAAP basis, fiscal 2012 net income was $2.1 billion or $8.61 per share, compared to fiscal 2011 net income of $770 million or $3.28 per share. Both the GAAP and non-GAAP fiscal 2012 results include results from the company's newly acquired HGST subsidiary from the acquisition date of March 8 through the end of fiscal 2012.

For its fourth fiscal quarter ended June 29, 2012, the company reported revenue of $4.8 billion, hard-drive shipments of 71.0 million and net income of $745 million, or $2.87 per share.

Rival Seagate reported revenue of $4.5 billion and hard-drive shipments of 66.0 million units.

"Fiscal 2012 was one of the most challenging and exciting years in our 42-year history," said John Coyne, CEO. "While responding to two major natural disasters and completing the largest acquisition in the history of the industry, we achieved year-over-year revenue growth of 31% and more than doubled earnings per share.

"In the June quarter, demand was in line with our forecast as industry shipments reached 157 million units, bringing total HDD shipments for the year to 599 million units. Our WD and HGST subsidiaries both performed ahead of plan in Q4, delivering great products with consistent execution, resulting in strong revenue growth, gross margin and cash flows."

Following the Thai flood, WD had lost its #1 ranking for a while, as last quarter Seagate recorded 47% more revenues and 37% more HDDs shipped than its competitor.

Now the company is well positioned to keep this first place for several quarters. Seagate was dominating this business for several years but is no more the leader of the disk drive industry.

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