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EARNINGS ROUNDUP / WESTERN DIGITAL

Sales of portable items lift results

October 24, 2008|TIMES WIRE SERVICES

Western Digital Corp., the maker of hard-disk drives, said first-quarter profit more than tripled, topping analysts' estimates, on sales of portable products.

Net income climbed to $211 million, or 93 cents a share, from $69 million, or 31 cents, a year earlier, Lake Forest-based Western Digital said. Analysts in a Bloomberg survey had projected earnings of 82 cents.

Western Digital had $49 million in costs during the year- earlier period because of its $1-billion purchase of Komag Inc. That business makes the part of the hard disk where information is stored. Revenue rose 19% to $2.11 billion. Analysts estimated sales of $2.08 billion on average, according to Bloomberg.

Western Digital shares rose 98 cents, or 7.5%, to $14.03 in extended trading after closing at $13.05.

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