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News Breaks
January 23, 2013
13:19 EDTWDCEarnings Preview: Western Digital shares higher despite weakening PC market
Western Digital (WDC) is set to report earnings after the market close on Wednesday, January 23, with a conference call scheduled for 6:00 pm ET. Western Digital provides digital content storage solutions, and is primarily engaged in the sale of hard drives for both personal and business use... EXPECTATIONS: Analysts are looking for EPS of $1.82 on revenue of $3.68B, according to First Call. Consensus range for EPS is $1.71-$2.03 on revenue of $3.6B-$3.94B... LAST QUARTER: Western Digital reported Q1 EPS of $2.36 against estimates for $2.30 on revenue of $4B against estimates for $3.98B. On its Q1 earnings call, Western Digital lowered its Q2 adjusted EPS guidance to $1.65-$1.85, numbers lower than then-current estimates for $2.43. The company also guided lower on revenue, seeing $3.55B-$3.7B for Q2 against then-current estimates for $4.13B. On its Q1 call, the company said it is still targeting FY13 adjusted EPS of $10, though it said the PC industry is very weak and global macroeconomic weakness is impacting overall IT spending... STREET RESEARCH: Street research has been mixed on Western Digital since its Q1 earnings report, with shares downgraded to Underperform from Outperform at CLSA the day after its Q1 report. Last week, shares of Western Digital were initiated with a Sector Perform rating at Pacific Crest and downgraded to Hold from Buy at Standpoint Research... PRICE ACTION: Shares of Western Digital have gained more than $11.50, or over 32%, since the first day of trading after its Q1 earnings report. In afternoon trading ahead of its Q4 report, shares of Western Digital are down 0.7%.
News For WDC From The Last 14 Days
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July 30, 2015
12:55 EDTWDCOn The Fly: Top stock stories at midday
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10:08 EDTWDCWestern Digital gaps up following earnings
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10:00 EDTWDCOn The Fly: Analyst Upgrade Summary
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09:25 EDTWDCOn The Fly: Pre-market Movers
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08:30 EDTWDC, WDCWestern Digital upgraded to Outperform from Underperform at CLSA
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07:47 EDTWDCWestern Digital remains very attractive at current levels, says Brean Capital
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July 29, 2015
17:43 EDTWDCWestern Digital sees Q1 non-GAAP EPS $1.50-$1.60, consensus $1.76
Sees Q1 revenue $3.2B-$3.3B, consensus $3.5B.
16:16 EDTWDCWestern Digital reports Q4 EPS $1.51, consensus $1.45
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15:59 EDTWDCNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Facebook (FB), consensus 47c... MetLife (MET), consensus $1.48... Williams (WMB), consensus 24c... Vertex (VRTX), consensus (58c)... O'Reilly Automotive (ORLY), consensus $2.26... NXP Semiconductors (NXPI), consensus $1.37... Marriott (MAR), consensus 81c... Fiserv (FISV), consensus 94c... Western Digital (WDC), consensus $1.45... SBA Communications (SBAC), consensus 9c... Whole Foods (WFM), consensus 45c... Lincoln National (LNC), consensus $1.53... Lam Research (LRCX), consensus $1.47... ServiceNow (NOW), consensus (2c)... Qorvo (QRVO), consensus $1.06... Hologic (HOLX), consensus 39c.
15:08 EDTWDCNotable companies reporting after market close
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14:12 EDTWDCEarnings Watch: Hard drive makers report amid PC sector fears
Western Digital (WDC) and Seagate (STX) are expected to report quarterly results on July 29 and 31 with conference calls scheduled for 5:00 pm ET and 9:00 am ET, respectively. The two companies develop and manufacture computer storage solutions, including hard disk drives. EXPECTATIONS: Analysts are expecting Western Digital to report earnings per share of $1.45 on revenue of $3.25B, while Seagate is expected to report earnings per share of 64c on revenue of $2.92B. During its last earnings conference call, Western noted a "cautious" near-term outlook and forecast Q4 EPS to be $1.50-$1.60 on revenue of $3.3B-$3.4B. PRELIMINARY RESULTS: On July 13, Seagate reported preliminary Q4 revenue of $2.9B, adjusted gross margins of 27%, and 45M unit shipments, driven by what the company characterized as "lower than expected intra-quarter demand." The company had previously guided Q4 revenue to $3.2B-$3.3B, and analysts were looking for $3.19B in revenue at the time. LAST QUARTER: On April 17, Seagate reported Q3 adjusted EPS of $1.08 against expectations for $1.04, and revenue of $3.3B versus estimates of $3.4B. Following that, Western Digital reported Q3 EPS of $1.87 on April 28 versus estimates of $1.89, and revenue of $3.5B against expectations for $3.6B. NEWS: On May 1, Seagate announced plans to combine its Cloud Systems and Electronic Solutions groups, and on July 14, the company said it extended its alliance with HP (HPQ). STREET RESEARCH: On May 15, RBC called Western Digital shares "compelling" due to multiple near-term positive catalysts, though Morgan Stanley said on May 19 that it was just "cautiously optimistic" on Western because of softened growth expectations for the general PC market. On May 28, Goldman Sachs called fears of PC weakness overdone and upgraded Western Digital to Buy, saying the company's increasingly enterprise-heavy mix gives it a healthy long-term profit forecast. On June 12, Longbow reported that its hard drive price checks were not quite as bad as it had feared, adding that Western Digital's guidance appears achievable while Seagate's forecast appeared at risk. Heading closer to earnings, Citi said on July 2 that it expects somewhat weak quarterly results for the two hard drive giants but recommended buying both Western Digital and Seagate shares on any perceived post-earnings weakness. Stifel somewhat echoed that point on July 8, saying investor sentiment seemed overly negative towards Western, with traders potentially underestimating the company's shift towards enterprise products. Note that on July 23, Morgan Stanley said its June CIO survey indicated incremental enterprise IT budget weakness, leading the research firm to downgrade Western Digital to Equal Weight and drop Seagate two notches to Underweight. On the M&A front, Susquehanna said on May 29 that SanDisk (SNDK) remained an attractive takeover target, with Western Digital looking like a likely buyer. However, RBC and CLSA both raised doubts on June 5 about the possibility of such a deal. PRICE ACTION: Shares of Western Digital are up 1.34% to $78.83 ahead of Wednesday's report, while Seagate is up 0.84% to $49.28.
July 23, 2015
10:00 EDTWDCOn The Fly: Analyst Downgrade Summary
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06:29 EDTWDCWestern Digital downgraded to Equal Weight from Overweight at Morgan Stanley
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