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Image source: Western Digital.

Hard-drive maker Western Digital (NASDAQ:WDC) just reported results for the third quarter of fiscal 2014, complete with a separate stack of financial data and a slide deck for the conference call with analysts. In after-hours trading, shares fell 2.9% on the news.

For the third quarter, analysts were expecting adjusted earnings of $1.88 per share on $3.7 billion in total sales. The company delivered 32% year-over-year earnings growth, landing at $1.94 per share. Sales fell 3% to meet the Street estimate exactly.

Looking ahead, Western Digital set the midpoint of its fourth-quarter revenue guidance at $3.55 billion, while the earnings target centered on $1.70 per share. Both numbers fell short of the current analyst view.

Unit volumes were flat year over year, at just over 60 million. Average selling prices declined 5% to $58 per drive.

In a prepared statement, CFO Tim Leydon explained the soft guidance with seasonal revenue patterns and a $0.10 earnings impact per share from the acquisitions of Virident and sTec. The flash-memory maker and the solid-state drive pioneer added a large amount of dilutive new shares to Western Digital's earnings calculations. However, Leydon said, "we expect the sTec, VeloBit and Virident acquisitions to be accretive early in calendar year 2015."

Anders Bylund has no position in any stocks mentioned. The Motley Fool owns shares of Western Digital. Try any of our Foolish newsletter services free for 30 days.

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