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Western Digital Beats Estimates

Profit doubles at the hard-drive maker.

Western Digital

(WDC) - Get Western Digital Corporation Report

posted strong holiday-quarter results, topping expectations.

Investors cheered the news, bidding the stock up $1.03, or nearly 5%, to $22.50 in after-hours exchanges

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The hard-drive maker earned $104.3 million, or 47 cents a share, on $1.12 billion in sales in its second quarter, which ended Dec. 30. Those results were up from the year-ago period, in which the company earned $56 million, or 26 cents a share, on $954.9 million in sales.

Excluding stock options costs, the company would have earned $108.4 million, or 49 cents a share.

On average, analysts polled by Thomson First Call were expecting the company to earn 37 cents a share before options costs on sales of $1.06 billion. The company had earlier estimated that it would earn 34 cents to 37 cents a share, or 36 cents to 39 cents a share excluding options costs, on sales ranging from $1.04 billion to $1.075 billion.

The company did not immediately provide its outlook for the current quarter. The Street had previously predicted that Western Digital would earn 29 cents a share in the current period on $998.3 million in sales. In the same period last year, the company earned 70.8 million, or 32 cents a share, on sales of $919.9 million.

Shares of Western Digital closed regular trading on Thursday up 85 cents, or 4%, to $21.47.