Unseasonal demand drives Western Digital profits up 73%

Sales up 26 per cent in traditionally 'slow' quarter

Hard drive maker Western Digital yesterday boasted a "strong" conclusion to an "outstanding" year when it reported its Q4 2003 results.

During the quarter, WD shipped around 10.5 million drives which yielded revenues of $680 million, up 26 per cent on the same period last year. Shipments were up 31 per cent, implying a slight fall in average selling prices, but not bad considering the April-June quarter is traditionally a slow sales period, WD said.

Net income for the quarter totalled $48.8 million (23 cents a share), including $3.3 million of "investment gains". Even without the one-off income booster, Q4's figure marks a significant improvement on the $13.1 million (seven cents a share) net income the company posted this time last year.

For the full year, WD reported net income of $200 million (97 cents a share) on revenues totalling $2.7 billion, up 67.5 per cent and 26 per cent, respectively, on fiscal 2002 income of $65 million (34 cents a share) and revenues of $2.2 billion. ®