Western Digital Corp. (NYSE: WDC) reported Thursday that its fiscal fourth-quarter profit dropped to $158 million, or 67 cents a share, from a profit of $265 million, or $1.13 a share, in the year-earlier quarter. On an adjusted basis, the company earned 81 cents a share in the latest quarter. Revenue rose slightly to $2.4 billion from $2.38 billion. Analysts, on average, had expected earnings of 68 cents a share on revenue of $2.3 billion.
"In the June quarter, we were able to meet stronger than anticipated demand, especially from our OEM customers," said John Coyne, president and chief executive officer. "We believe the stronger demand was driven by increased use of sea freight in advance of the second half of the calendar year as well as supply continuity concerns in the aftermath of the Japan earthquake.
Full Disclosure: None.