Western Digital Falls Despite Beating Estimates

Hard-drive maker

released its fiscal fourth-quarter financial results after the closing bell on Wednesday. The company beat both Wall Street earnings per share and revenue estimates, but the stock was last trading down around 4.50 percent to $64.50 in the after hours.

"I am pleased with our performance in fiscal year 2013 and the June quarter, reflecting our expanding participation in the storage market, including the cloud and personal storage as we address the ongoing growth in digital data," said Steve Milligan, president and chief executive officer of Western Digital. "Our financial results were strong with significant free cash flow generation, we continued to forecast the market accurately and we had outstanding execution by our HGST and WD® subsidiaries."

The company reported net income of $416 million or $1.71 per share, compared to $745 million or $2.87 per share, in last year's corresponding period. On an adjusted basis, net income was $477 million or $1.96 per share, versus $872 million or $3.35 per share, last year. This came in ahead of Wall Street analysts' consensus EPS estimates of $1.81. Revenue in the quarter was down 21.5 percent to $3.73 billion from $4.75 billion a year ago. This also exceeded consensus revenue estimates of $3.63 billion.