Western Digital Shares Surge as Profit Tops Estimates

Thursday, 26 Jul 2012 04:52 PM

 

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Western Digital Corp., a maker of disk drives and networking products, soared the most in 10 years after reporting fiscal fourth-quarter sales and profit that topped analysts’ estimates.

Shares of the Irvine, California-based company rose 21 percent to $39.27 at the close in New York, for the biggest increase since July 2002. The stock has climbed 27 percent this year.

Western Digital Wednesday reported fourth-quarter earnings excluding some items of $3.35 a share, beating the average $2.45 estimate, according to data compiled by Bloomberg. Sales were $4.75 billion, topping analysts’ projection of $4.25 billion.

Seagate Technology Plc, the world’s largest maker of computer disk drives, rose 14 percent to $30.06 Thursday after Western Digital’s report. The stock has gained 83 percent this year.

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