Western Digital 2nd-quarter net income jumps

Western Digital 2nd quarter net income rises on higher hard drive shipments

Associated Press

IRVINE, Calif. (AP) -- Computer hard drive maker Western Digital Corp. said Thursday that fiscal second quarter net income more than doubled, as it shipped more hard drives.

Net income for the three months ended Dec. 28 rose to $335 million, or $1.36 per share, from $145 million, or 61 cents per share, in the same quarter of 2011. Excluding one-time items, net income was $2.09 per share

Revenue rose 92 percent to $3.82 billion.

Analysts, who generally exclude one-time items, expected net income of $1.82 per share on revenue of $3.67 billion, according to FactSet.

The Irvine, Calif.-based company shipped 59.2 million hard drives, compared with 28.5 million in the same period a year ago.

Western Digital makes hard drives and solid-state drives under the WD and HGST brands.

The company's shares fell 29 cents to close at $47.07. They lost another 57 cents in after-hours trading.

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