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Western Digital reports fiscal Q4 income rise, beats estimates

Western Digital Corp. said its net income on GAAP basis for the three months ended June 29, 2018 rose to $756 million, or $2.46 per share, from $280 million, or 93 cents per share in the previous-year quarter.

On non-GAAP basis, the data storage equipment company said its net income for the fiscal fourth quarter rose to $1.11 billion, or $3.61 per share, from $881 million, or $2.93 per share previously.

The S&P Capital IQ consensus normalized EPS estimate was $3.50.

The company reported revenue of $5.12 billion from $4.84 billion in the prior-year quarter. Gross profit also increased to $1.85 billion from $1.68 billion previously.

Operating income for the quarter in review clocked at $843 million from $652 million in the year-ago quarter. Income before taxes was $729 million, up from $415 million in the previous same period.

For fiscal year 2018, the company posted net income of $675 million, or $2.20 per share, compared to fiscal 2017 net income of $397 million, or $1.34 per share on GAAP basis.

On non-GAAP basis, fiscal 2018 net income was $4.52 billion, or $14.73 per share, spiking from $2.72 billion, or $9.19 per share.

The S&P Capital IQ consensus normalized EPS estimate was $14.61.

Revenue for fiscal 2018 was $20.65 billion, up from $19.09 billion in fiscal 2017.

The company said its board of directors approved a $5-billion share repurchase program, replacing previous programs.