Storage Technology

Western Digital Corporation

The Company

Despite the tumult surrounding Seagate's pre-announcement of lower than expected earnings for its upcoming quarter, Western Digital <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WDC)") else Response.Write("(NYSE: WDC)") end if %> remains steadfast in its appraisal that it will meet earnings forecasts. Western Digital is a leader in information storage products and services, responsible for 18% of the disk drive units shipped in 1996. The company designs and manufactures hard drives for personal and enterprise-wide computing, and markets them to leading systems manufacturers and selected resellers under the Western Digital brand name. The company has aligned itself with many direct vendors (notably Dell, Gateway & Micron), although IBM is Western Digital's biggest customer.

Latest Financials

For the first nine months of fiscal year 1997, the Western Digital posted net income of $179.7 million, or $3.81 per share, on revenue of $3.1 billion, versus net income of $64.2 million, or $1.31 per share, on revenue of $2.0 billion for the first nine months of fiscal 1996. The fiscal 1996 results included a one-time, pre-tax gain of $17.3 million associated with the sale of the company's multimedia products unit.

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