It was busy once again in Silicon Valley and on Wall Street after the bell on Wednesday.
While Tuesday's earnings roundup was inundated by executive shuffles at Juniper Networks and Polycom, here is today's scoreboard:
- Winners: Western Digital, Akamai, CA Technologies
- Mixed: Seagate
Let's dive in.
Western Digital capped off the year nicely with a fiscal fourth quarter net income of $416 million with earnings of $1.71 per share (statement). Non-GAAP earnings were $1.96 per share on a revenue of $3.7 billion.
Wall Street was looking for earnings of $1.79 per share on a revenue of $3.62 billion.
Western Digital also shipped 59.9 million units worldwide during the quarter. However, that's down significantly from the 71.0 million hard drives shipped during the same quarter last year.
For the fiscal year overall, Western Digital posted a revenue of $15.4 billion with non-GAAP earnings of $8.61 per share.
Wall Street was looking for a revenue of $15.25 billion with earnings of $8.35 per share.
CEO Stephen Milligan reflected on the quarter in prepared remarks:
I am pleased with our performance in fiscal year 2013 and the June quarter, reflecting our expanding participation in the storage market, including the cloud and personal storage as we address the ongoing growth in digital data. Our financial results were strong with significant free cash flow generation, we continued to forecast the market accurately and we had outstanding execution by our HGST and WD subsidiaries.
For the fiscal first quarter, Wall Street expects Western Digital to deliver earnings of $2.05 per share on a revenue of $3.77 billion.
Seagate actually got the ball rolling this morning before the bell. Western Digital's prime competitor reported a fiscal fourth quarter net income of $348 million with earnings of 94 cents per share (statement). Non-GAAP earnings were $1.20 per share on a revenue of $3.4 billion.
Wall Street was looking for earnings of $1.18 per share on a revenue of $3.42 billion.
CEO Stephen Luczo reflected on the mixed bag in prepared remarks:
Seagate’s financial results reflect strong execution in a time of change, uncertainty and opportunity. Looking ahead, we believe the market trends of data growth driven by cloud, mobile and open source advancement will present new and significant opportunities for Seagate. We will continue to balance near-term financial performance and long term strategic development while maximizing shareholder value.
For the first fiscal quarter, Wall Street expects Seagate to deliver earnings of $1.32 per share on a revenue of $3.55 billion.
Akamai reported a second quarter net income of $62 million with earnings of 34 cents per share (statement). Non-GAAP earnings were 46 cents per share on a revenue of $378 million, up 14 percent from Q1 2013.
Wall Street was looking for earnings of 46 cents per share on a revenue of $374.15 million.
CEO Tom Leighton reflected on the quarter in prepared remarks:
Akamai delivered a strong second quarter, achieving the high end of our guidance range for both the top and bottom line. We were especially pleased with the strong growth in our performance and security solutions, and we continue to invest in both sales capacity and innovation in an effort to drive further growth in this important area."
For the third quarter, Wall Street expects Akamai to deliver earnings of 47 cents per share on a revenue of $385.19 million.
CA Technologies reported a fiscal first quarter net income of $335 million with earnings of 73 cents per share (statement). Non-GAAP earnings were 78 cents per share on a revenue of $1.128 billion.
Wall Street was looking for earnings of 71 cents per share on a revenue of $1.10 billion.
CEO Michael Gregoire reflected on the quarter in prepared remarks:
We did better than expected on the revenue line and were able to capitalize on organizational efficiencies, expense management and a tax benefit to drive earnings growth. Our cash flow from operations was down, but that was expected and we are confident in meeting our full year outlook in all areas. We are beginning to make progress in driving efficiencies across our business, getting traction in SaaS, Mobility and new customer acquisition, as well as improving the overall competitiveness of our products.
For the second fiscal quarter of 2014, Wall Street expects CA Technologies to deliver earnings of 71 cents per share on a revenue of $1.11 billion.
Without outlining anything for the second quarter, CA Technologies reaffirmed its fiscal 2014 outlook. That forecasts includes a revenue range of $4.39 billion to $4.48 billion and non-GAAP earnings between $2.90 and $3.00 per share.