Western Digital (WDC) FY2014 results: revenue $15.1 billion, down 1.4% on the year
Western Digital Corp. (WDC) reported revenue of $15.1 billion for fiscal 2014, the year ended 27 June 2014, down 1.4% on the year before. Net income was $1.6 billion, up 65.0%, and diluted earnings per share $6.68. The figures are the company's own, from the 10-K it filed with the SEC on 15 August 2014.
Revenue
$15.1 billion
-1.4% on the year
FY2008FY2014
Operating margin
11.8%
8.2% a year earlier
FY2008FY2014
Net income
$1.6 billion
+65.0% on the year
FY2008FY2014
Diluted EPS
$6.68
+67.8% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
15,130
15,351
12,478
-1.4%
Cost of revenue
10,770
10,988
8,840
-2.0%
Gross profit
4,360
4,363
3,638
-0.1%
Gross margin
28.8%
28.4%
29.2%
Research and development
1,661
1,572
1,055
+5.7%
Selling, general and administrative
813
706
518
+15.2%
Operating income
1,791
1,266
1,771
+41.5%
Operating margin
11.8%
8.2%
14.2%
Interest expense
56.0
n/a
n/a
Pre-tax income
1,752
1,222
1,757
+43.4%
Income tax
135
242
145
-44.2%
Effective tax rate
7.7%
19.8%
8.3%
Net income
1,617
980
1,612
+65.0%
Net margin
10.7%
6.4%
12.9%
Diluted EPS
$6.68
$3.98
$6.58
+67.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,816
3,119
3,067
-9.7%
Capital expenditure
628
952
717
-34.0%
Free cash flow
2,188
2,167
2,350
+1.0%
Free cash flow margin
14.5%
14.1%
18.8%
Cash from investing
-1,936
-970
-4,167
Cash from financing
-385
-1,048
819
Depreciation and amortisation
1,244
1,233
825
+0.9%
Share-based compensation
156
137
92.0
+13.9%
Buybacks
816
842
604
-3.1%
Dividends paid
259
181
0.0
+43.1%
Dividend per share
$1.25
n/a
n/a
Diluted shares, weighted
242m
246m
245m
-1.6%
Shares outstanding at period end
234m
237m
246m
-1.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
8,842
7,893
7,669
+12.0%
Short-term borrowings
0.0
0.0
n/a
Debt
2,438
1,955
2,185
+24.7%
Other liabilities
4,219
4,188
4,352
+0.7%
Total liabilities and equity
15,499
14,036
14,206
+10.4%
Fixed assets
3,293
3,700
4,067
-11.0%
Goodwill
2,559
1,954
1,975
+31.0%
Intangible assets
454
605
799
-25.0%
Investments
499
n/a
n/a
Cash and equivalents
4,804
4,309
3,208
+11.5%
Receivables
1,989
1,793
2,364
+10.9%
Inventory
1,226
1,188
1,210
+3.2%
Other assets
675
487
583
+38.6%
Total assets
15,499
14,036
14,206
+10.4%
10-K for the year ended 27 June 2014, filed 15 August 2014: the filing.