Western Digital Corp. (
WDC) reported better than expected third-quarter results on Oct 21 on a 12% jump in shipments from a year ago.
Third-Quarter Results
Revenue was up 5% from last year to $2.1 billion. Earnings also came in strong at $1.25 per share, easily outpacing the Zacks Consensus Estimate of 90 cents. The company has beat in each of the last 4 quarters by an average of 31 cents, or 113%.
CEO John Coyne said that demand for the company's products is being fueled by the recent popularity surge in social media.
Estimates Up
Estimates have spike since the good quarter was reported, with the current year adding 49 cents and moving to $4.38 per share.
Valuation
Based on this earnings projection, shares of WDC trade with a P/E of 7.5X, a sharp discount to the overall market.
The Chart
Shares of WDC are up huge over the last 8 months but have recently traded mostly sideways near the 52-week high. Take a look below.
Last Week's Momentum Zacks Rank Buy Stocks
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