Western Digital Corp (NASDAQ:WDC) reported upbeat earnings for its fiscal fourth quarter, while sales exceeded estimates. The company also issued downbeat EPS and sales guidance for the current quarter.
The San Jose-based company revealed fourth-quarter revenue was $4.3 billion, up 18% year-over-year (YoY). Data Center Devices and Solutions revenue grew 32%, Client Devices grew 19%, and Client Solutions declined 9% YoY. Fiscal year 2020 revenue was $16.7 billion, up 1.0% YoY.
WDC generated operating cash flow of $172 million and free cash flow of $261 million in the fourth quarter. It also generated operating cash flow of $824 million and free cash flow of $1.1 billion in fiscal year 2020.
The company is expecting first fiscal-quarter 2021 revenue to be in the range of $3.7 to $3.9 billion with non-GAAP EPS in the range of $0.45 to $0.65. Non-GAAP EPS outlook includes costs related to COVID-19.
According to CEO David Goeckeler, "I am extremely proud of the way our team has navigated the complexities and uncertainties inherent in this unprecedented environment, as we continue to adapt to provide supply continuity and high-quality products to our customers and drive value for our shareholders.
"We will continue to deliver the quality, performance and cost-effectiveness our customers rely on, and I am confident that our end market diversity and breadth, broad customer base, channel reach, and innovative leadership all position Western Digital to benefit from the multi-year growth in data creation and storage."
WDC shares fell without a parachute, $7.39, or 16.6%, to $37.08.
