Western Digital Corp WDC
Q3 2013 Earnings Call Transcript

Transcript Call Date 04/24/2013

Operator: Good afternoon, and thank you for standing by. Welcome to Western Digital's Third Quarter Financial Results for Fiscal Year 2013. Presently, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this call is being recorded.

Now I will turn the call over to Mr. Bob Blair. You may begin.

Bob Blair - WD IR: Thank you. I want to mention that we will be making forward-looking statements in our comments and in response to your questions concerning, growth in the storage industry and our position and opportunities in the industry; industry demand for the June quarter and calendar year 2013; all production levels and capital expenditures; customer response to our product offerings and our financial performance including our financial results expectations for the June quarter. These forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including those listed in our 10-Q filed with the SEC on February 1, 2013. We undertake no obligation to update our forward-looking statements to reflect new information or events.

In addition, references will be made during this call to non-GAAP financial measures. Reconciliations of the differences between the historical non-GAAP measures we provide during this call to the comparable GAAP financial measures are included in the quarterly fact sheet posted in the Investor Relations section of our website. The forward-looking guidance we provide during this call excludes certain items such as amortization of intangibles and other charges. Because the amount of these items is not fully known to us at this time, we are unable to provide guidance for or a reconciliation to, the most directly comparable GAAP financial measures. The impact of these excluded items may cause the estimated non-GAAP financial measures to differ materially from the comparable GAAP financial measures.

We ask that analysts limit their comments to a single question and follow-up question following our commentary today. I also want to note that copies of remarks by our CEO and CFO from today's call will be available on the Investor section of Western Digital website immediately following the conclusion of our call.

I would now like to turn the call over to President and Chief Executive Officer, Steve Milligan.

Stephen D. Milligan - President and CEO: Good afternoon, and thank you for joining us. After my opening remarks, Wolfgang Nickl will provide additional commentary on our March quarter results and outlook for the June quarter.

I'm pleased with our financial performance in the March quarter. We continue to execute well and capitalize on the ongoing secular growth in digital data. Industry demand was in line with our expectations and we expect volumes in the June quarter to be flat to slightly down with the March quarter. We are cautiously optimistic about the potential for a modest seasonal uptick in demand for the second half of calendar 2013. Our production levels will continue to be adjusted to prevailing demand patterns.

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