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What Are Western Digital's Key Growth Drivers?

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What Are Western Digital's Key Growth Drivers? PART 1 OF 12

How Western Digital Stock Has Performed since Fiscal 2Q18 Results

The stock has risen over 8% since fiscal 2Q18 results

Western Digital (WDC) reported its fiscal 2Q18 results on January 25, 2018, and the stock price of the firm has risen 8.3% since then to $95.27 as of March 7, 2018. In fact, the stock fell to $80.09 on February 8, 2018, amid the sell-off and has risen almost 19% since then. Western Digital reported revenues of $5.3 billion in fiscal 2Q18, which ended December 2017, and non-GAAP (generally accepted accounting principles) EPS (earnings per share) of $3.95. Revenue for the firm rose 9% YoY, while EPS rose over 71% in fiscal 2Q18.

How Western Digital Stock Has Performed since Fiscal 2Q18 Results

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The significant rise in EPS was driven by a rise in gross margin, which rose 655 basis points to 43.2% in 2Q18, up from 36.7% in 2Q17. Operating expenses rose 9% YoY to $865 million from $797 million in the same period, while operating income rose 45% YoY to $1.4 billion.

What did analysts expect from WDC in fiscal 2Q18?

Analysts expected Western Digital to post revenue of $5.3 billion with EPS of $3.79 in fiscal 2Q18. WDC reported revenue marginally above analyst estimates, while it beat average EPS estimates by 4.2% in fiscal 2Q18.

WDC has a market cap of $28.4 billion. In comparison, peer storage firms Seagate (STX), Toshiba (TOSYY), Dell Technologies (DVMT), and NetApp (NTAP) have market caps of $16 billion, $18.8 billion, $15.4 billion, and $4.4 billion, respectively.

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