Western Digital 4Q profit nearly flat, sales surge

For the three months ended June 27, the company earned $213 million, or 94 cents per share, up slightly from $212 million, also 94 cents per share, in the same period a year earlier. The year-ago results included an income tax benefit of $126 million.

Revenue jumped 46 percent to $1.99 billion from $1.37 billion. Sales of hard drives for non-desktop PC markets--such as mobile drives--accounted for the majority of the quarter's revenue.

Analysts, on average, expected a profit of 82 cents per share on sales of $1.89 billion, according to a poll by Thomson Financial.

Western Digital said the quarter's net income included an incremental tax charge of $15 million related to the license of intellectual property to subsidiaries.

For the full year, the company earned $867 million or $3.84 per share, up from $564 million, or $2.50 per share, the previous year.

Sales jumped 48 percent to $8.07 billion from $5.47 billion.

Western Digital also said its integration of magnetic disc storage company Komag Inc., which it bought in 2007, is complete.

Shares slid $1.62, or 4.8 percent, to $32 in after-hours electronic trading. The stock earlier closed down $1.37, or 3.9 percent, at $33.62.