Western Digital Corp. (NASDAQ: WDC) today reported revenue of $5.2 billion, operating income of $905 million and net income of $681 million, or $2.23 per share, for its first fiscal quarter ended Sept. 29, 2017. The GAAP net income for the period includes charges associated with the company's acquisitions. Excluding these charges and after other non-GAAP adjustments, first quarter non-GAAP operating income was $1.4 billion and non-GAAP net income was $1.1 billion, or $3.56 per share.
In the year-ago quarter, the company reported revenue of $4.7 billion, operating income of $232 million and net loss of $366 million, or $(1.28) per share. Non-GAAP operating income in the year-ago quarter was $736 million and non-GAAP net income was $448 million, or $1.54 per share.
The company generated approximately $1.1 billion in cash from operations during the first fiscal quarter of 2018, ending with $7.0 billion of total cash, cash equivalents and available-for-sale securities. On Aug. 2, 2017, the company declared a cash dividend of $0.50 per share of its common stock, which was paid to shareholders on Oct. 16, 2017.
"We continued our strong financial performance in the September quarter, demonstrating the power of our platform and underscoring the differentiated value we can deliver as a comprehensive data storage solutions leader," said Steve Milligan, chief executive officer. "We generated strong operating cash flow, reflecting continued healthy demand in many of our end markets, most notably in our flash-based businesses. With unabated growth in data creation leading to new challenges and opportunities for our customers, our transformation continues to resonate in the marketplace."
The investment community conference call to discuss these results and the company's guidance for the second fiscal quarter 2018 will be broadcast live over the Internet today at 2:00 p.m. Pacific/5:00 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 second fiscal quarter, 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 96840040.
About Western Digital®
Western Digital creates environments for data to thrive. The company is driving the innovation needed to help customers capture, preserve, access and transform an ever-increasing diversity of data. Everywhere data lives, from advanced data centers to mobile sensors to personal devices, our industry-leading solutions deliver the possibilities of data.
Western Digital® data-centric solutions are marketed under the G-Technology™, HGST, SanDisk®, Tegile™, Upthere™ and WD® brands.
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 first fiscal quarter ended Sept. 29, 2017; market positioning; product portfolio; 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 first fiscal quarter ended Sept. 29, 2017, included in this press release represent the most current information available to management. The company's actual results when disclosed in its Form 10-Q 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-K filed with the SEC on Aug. 29, 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, the Western Digital logo, G-Technology, HGST, SanDisk, Tegile, Upthere and WD are registered trademarks or trademarks of Western Digital Corporation or its affiliates in the US and/or other countries.