Lake Forest-based Western Digital Corp. said Monday it’s on track to meet sales and profit expectations for the quarter, according to a regulatory filing.
The disk drive maker said new products are making up for seasonal downturns, though it did not give specific guidance.
“As expected, demand in the desktop hard drive market in the March quarter is reflecting the typical seasonal downtick from the stronger December quarter,” the company said in a filing with the Securities and Exchange Commission. “The company’s non-desktop business and associated new product momentum continues, helping to partially offset the March quarter seasonal patterns.”
The company said that price declines are within expectations.
“The demand outlook for calendar 2006 remains strong in the key markets served by the company,” the company said.
The markets include hard drives for desktops, laptops and digital video recorders.
Wall Street estimates for the March quarter call for net income of $83 million, up about 15% from a year ago. Analysts expect revenue of $1.06 billion, up 15% from a year earlier.
Lake Forest-based Western Digital crushed analysts’ earnings estimates for the quarter ended Dec. 30.
The company posted net income of $104.3 million, an 86% increase from the year-ago period.
Analysts had estimated earnings of $79.8 million.
The company posted revenue of $1.12 billion during the quarter, up 17% from the year-ago period. Analysts were looking for revenue of $1.06 billion.
