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Western Digital profit misses consensus by 41.3% in fiscal Q3

Western Digital Corp. said its normalized net income for the fiscal third quarter ended April 3 amounted to $1.12 per share, compared with the S&P Capital IQ consensus estimate of $1.90 per share.

EPS declined year over year from $1.15.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $263.8 million, a decrease of 5.0% from $277.5 million in the third quarter ended March 28, 2014.

The normalized profit margin fell to 7.4% from 7.5% in the year-earlier period.

Total revenue decreased on an annual basis to $3.55 billion from $3.70 billion, and total operating expenses fell from the prior-year period to $3.12 billion from $3.25 billion.

Reported net income increased on an annual basis to $384.7 million, or $1.63 per share, from $375.1 million, or $1.55 per share.