Western Digital tops 2Q views on Thailand recovery

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IRVINE, Calif. (AP) — Hard disk drive maker Western Digital Corp. said Monday that its second-quarter net income fell 36 percent as it took a $199 million charge related to flooding in Thailand.

Its adjusted results, backing out the impact of the flooding and an acquisition charge, soundly topped analysts’ forecasts, as did the company’s quarterly revenue. Its shares jumped more than 5 percent in extended trading following the earnings report.

Net income in the three months to Dec. 30 came to $145 million, or 61 cents per share, down from $225 million, or 96 cents per share, a year ago.

Excluding flood charges and expenses related to the planned acquisition of a Hitachi unit, adjusted earnings came to $1.51 per share.

Analysts polled by FactSet were looking for adjusted earnings of 65 cents per share.

Revenue fell 19 percent to $2 billion from $2.48 billion. That was better than the $1.83 billion expected by analysts.

CEO John Coyne said progress in restoring capacity in Thailand is “significantly ahead of our original expectations” and is reflected in the second-quarter results.

Shares jumped $1.79 to $36.50 in after-hours trading after closing up 6 cents at $34.71 in the regular session.