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Monday, January 23, 2012

Western Digital beats on fast recovery from Thai floods, (NYSE: WDC)

Hard drive maker Western Digital Corp posted better-than-expected quarterly results and forecast a strong current quarter, signaling a faster-than-anticipated return to production capacity at key facilities damaged by the Thailand floods last year.The company forecast third-quarter adjusted earnings of $1.15 a share to $1.45 a share on revenue of $2.0 billion to $2.15 billion, while analysts' had expected a profit of 91 cents a share on revenue of $2.04 billion, according to Thomson Reuters I/B/E/S.Shares of the company touched $22.75 in October, their lowest in more than two years, in the aftermath of the floods. They have recovered since and closed at $34.71 on Monday on the New York Stock Exchange. They were up 5 percent after the bell.Western Digital's manufacturing facilities in Bang Pa-in Industrial Park in Ayutthaya province and Nava Nakorn Industrial Park in Pathum Thani province, were severely hit by floods last year, leading to muted expectations on Wall Street.

Western Digital Corporation (WD) is a provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. Shares of WDC traded higher by 0.17% or $0.06/share to $34.71. In the past year, the shares have traded as low as $22.64 and as high as $41.87. On average, 4699320 shares of WDC exchange hands on a given day and today's volume is recorded at 5106779.