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Western Digital profit misses consensus by 38.2% in fiscal Q1

Western Digital Corp. said its normalized net income for the fiscal first quarter ended Oct. 3 amounted to $1.26 per share, compared with the S&P Capital IQ consensus estimate of $2.03 per share.

In the prior-year period, the per-share result came in at a profit of $1.27.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $301.9 million, a decline from $306.9 million in the first quarter ended Sept. 27, 2013.

The normalized profit margin fell to 7.7% from 8.1% in the year-earlier period.

Total revenue grew year over year to $3.94 billion from $3.80 billion, and total operating expenses rose on an annual basis to $3.45 billion from $3.30 billion.

Reported net income declined 14.9% on an annual basis to $422.4 million, or $1.76 per share, from $496.1 million, or $2.05 per share.