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Business Briefing / Earnings

Western Digital beats estimates

July 29, 2009|Times Staff and Wire Reports

Western Digital Corp., a maker of hard-disk drives, reported earnings that topped estimates after cutting costs and adding products with higher profit margins.

Fourth-quarter net income fell 8% to $196 million, or 86 cents a share, from $213 million, or 94 cents, a year earlier, Lake Forest-based Western Digital said. Sales dropped 3.3% to $1.93 billion.

Profit minus some costs was 76 cents a share. Analysts on average expected profit of 27 cents and sales of $1.6 billion.

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