Western Digital Corp. (NASDAQ: WDC) today reported revenue of $4.8 billion, operating income of $652 million and net income of $280 million, or $0.93 per share, for its fourth fiscal quarter ended June 30, 2017. The GAAP net income for the period includes charges associated with the company’s recent acquisitions. Excluding these charges and after other non-GAAP adjustments, fourth quarter non-GAAP operating income was $1.2 billion and non-GAAP net income was $881 million, or $2.93 per share.
In the year-ago quarter, the company reported revenue of $3.5 billion, operating loss of $195 million and net loss of $366 million, or $(1.40) per share. Non-GAAP operating income in the year-ago quarter was $451 million and non-GAAP net income was $269 million, or $1.02 per share.
The company generated approximately $1.0 billion in cash from operations during the fourth fiscal quarter of 2017, ending with $6.5 billion of total cash, cash equivalents and available-for-sale securities. On May 3, 2017, the company declared a cash dividend of $0.50 per share of its common stock, which was paid to shareholders on July 17, 2017.
For fiscal 2017, the company achieved revenue of $19.1 billion, operating income of $2.0 billion and net income of $397 million, or $1.34 per share, compared to fiscal 2016 revenue of $13.0 billion, operating income of $466 million and net income of $242 million, or $1.00 per share. On a non-GAAP basis, fiscal 2017 operating income was $3.9 billion and net income was $2.7 billion, or $9.19 per share, compared to fiscal 2016 operating income of $1.7 billion and net income of $1.4 billion, or $5.79 per share. The company generated $3.4 billion in cash from operations during the 2017 fiscal year and it returned to shareholders $574 million in dividends.
“We reported strong financial performance in the June quarter to complete an outstanding fiscal 2017, demonstrating the differentiated value that we can deliver as a comprehensive data solutions provider,” said Steve Milligan, chief executive officer. “Our unique platform of diverse storage technologies and value-added products helped drive this performance as we addressed a broader set of markets following the SanDisk acquisition. We operated near the top of our revenue growth model with 7 percent year-over-year top-line growth on a pro-forma basis, and we delivered very healthy margins.”
The investment community conference call to discuss these results and the company’s guidance for the first fiscal quarter 2018 will be broadcast live over the Internet today at 2:30 p.m. Pacific/5:30 p.m. Eastern. The live and archived conference call/webcast can be accessed online at investor.wdc.com. Supplemental financial information, including the company’s guidance for the first fiscal quarter 2018, will also be posted on the same website. The telephone replay number in the U.S. is 1(855) 859-2056 or +1(404) 537-3406 for international callers. The required passcode is 54295696.
About Western Digital
Western Digital is an industry-leading provider of storage technologies and solutions that enable people to create, leverage, experience and preserve data. The company addresses ever-changing market needs by providing a full portfolio of compelling, high-quality storage solutions with customer-focused innovation, high efficiency, flexibility and speed. Our products are marketed under the HGST, SanDisk and WD brands to OEMs, distributors, resellers, cloud infrastructure providers and consumers. Financial and investor information is available on the company's Investor Relations website at investor.wdc.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning the company’s preliminary financial results for its fourth fiscal quarter ended June 30, 2017 and fiscal 2017; product portfolio and market position; acquisitions and growth strategy; and market and demand trends. These forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. The preliminary financial results for the company’s fourth fiscal quarter ended June 30, 2017 and fiscal 2017 included in this press release represent the most current information available to management. The company’s actual results when disclosed in its Annual Report on Form 10-K may differ from these preliminary results as a result of the completion of the company’s financial closing procedures; final adjustments; completion of the review by the company’s independent registered accounting firm and other developments that may arise between now and the disclosure of the final results. Other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include: uncertainties with respect to the company’s business ventures with Toshiba; volatility in global economic conditions; business conditions and growth in the storage ecosystem; impact of competitive products and pricing; market acceptance and cost of commodity materials and specialized product components; actions by competitors; unexpected advances in competing technologies; our development and introduction of products based on new technologies and expansion into new data storage markets; risks associated with acquisitions, mergers and joint ventures; difficulties or delays in manufacturing; and other risks and uncertainties listed in the company’s filings with the Securities and Exchange Commission (the “SEC”), including the company’s Form 10-Q filed with the SEC on May 8, 2017, to which your attention is directed. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to update these forward-looking statements to reflect new information or events.
Western Digital, WD and SanDisk are registered trademarks or trademarks of Western Digital Corporation or its affiliates in the U.S. and/or other countries. Other trademarks, registered trademarks, and/or service marks, indicated or otherwise, are the property of their respective owners. © 2017 Western Digital Corporation or its affiliates. All rights reserved.
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