Western Digital Earnings Drop Despite Record-Setting Revenue

Western Digital Corp. posted lower earnings for the fiscal year despite record revenue.

The data storage products and services company reported net income of $96.9 million, or $2.01 a share, for the year ended June 29, down 21% from the $123.3 million, or $2.56 a share, for the previous fiscal year. The results for the most recent fiscal year include a pretax, one-time gain of $17.3 million from the sale of the company’s multimedia products unit in the second quarter. Revenue rose 38% to $2.9 billion from $2.1 billion.

Fourth-quarter net income rose 24% to $32.7 million, or 71 cents a share, from $26.4 million, or 54 cents a share, for the year-earlier period. Revenue rose 40% to $820.7 million from $585 million.