WDC - Western Digital Corporation (WDC) Q3 2024 Earnings Call Transcript

2024-04-25 20:33:13 ET

Start Time: 16:30

End Time: 17:04

Western Digital Corporation (WDC)

Q3 2024 Earnings Conference Call

April 25, 2024, 16:30 PM ET

Company Participants

David Goeckeler - CEO

Wissam Jabre - EVP and CFO

Peter Andrew - VP, Financial Planning and Analyst and IR

Conference Call Participants

C.J. Muse - Cantor Fitzgerald.

Joe Moore - Morgan Stanley

Aaron Rakers - Wells Fargo

Wamsi Mohan - Bank of America

Karl Ackerman - BNP Paribas

Amit Daryanani - Evercore

Harlan Sur - JPMorgan

Carlos Colorado - UBS Securities LLC

Krish Sankar - TD Cowen

Tom O'Malley - Barclays

Vijay Rakesh - Mizuho.

Mehdi Hosseini - Susquehanna

Steven Fox - Fox Advisors

Ananda Baruah - Loop Capital

Tristan Gerra - Baird

Presentation

Operator

Good afternoon, everyone, and thank you for standing by. Welcome to Western Digital's Third Quarter Fiscal 2024 Conference Call. Presently, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions]. As a reminder, this event is being recorded.

Now I will turn the call over to Mr. Peter Andrew, Vice President, Financial Planning and Analysis and Investor Relations. You may begin.

Peter Andrew

Thank you, and good afternoon, everyone. Joining me today are David Goeckeler, Chief Executive Officer; and Wissam Jabre, Chief Financial Officer.

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based upon management's current assumptions and expectations, and as such, does include risks and uncertainties. These forward-looking statements include expectations for our product portfolio, our business plan and performance, the separation of our flash and HDD businesses, ongoing market trends and our future financial results. We assume no obligation to update these statements. Please refer to our most recent financial report on Form 10-K and our other filings with the SEC for more information on the risks and uncertainties and that could cause actual results to differ materially from expectations.

We will also make references to non-GAAP financial measures today. Reconciliations between the non-GAAP and comparable GAAP financial measures are included in the press release and other materials that are being posted in the Investor Relations section of our website.

With that, I'll now turn the call over to David.

David Goeckeler

Thank you, Peter. Good afternoon everyone and thanks for joining the call to discuss our third quarter of fiscal year 2024 performance. Western Digital delivered excellent results in the quarter with revenue of $3.5 billion, non-GAAP gross margin of 29.3% and non-GAAP earnings per share of $0.63, all of which exceeded expectations. ...

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