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Western Digital Profit Rises

The PC disk-drive maker posts a solid third quarter.

Disk-drive maker

Western Digital

(WDC) - Get Western Digital Corporation Report

late Thursday announced fiscal third-quarter earnings that beat Street estimates on both lines and revenue and profit that rose from a year ago.

For the quarter ended March 30, Western Digital earned $121 million, or 53 cents a share, compared with $102 million, or 45 cents, in the same period last year.

Revenue for the quarter was $1.4 billion, rising from $1.13 billion a year ago.

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Third-quarter results include a $13 million recovery related to a receivable previously deemed uncollectible, the company said. Additionally, Western Digital paid off its outstanding $19 million in debt and repurchased 1.5 million shares of common stock.

Analysts surveyed by Thomson First Call forecast earnings of 47 cents a share on revenue of $1.35 billion.

"The industry saw seasonally softer demand and pricing in the March quarter and we were able to adjust to those challenges and post solid financial results, generate cash and grow in several of our newer markets," Western Digital CEO John Coyne said in a press release.

In separate news, Western Digital also announced the appointment of a new CFO. Former Western Digital executive Tim Leyden will rejoin the company on May 7 as executive vice president, finance.

He will report to current CFO Steve Milligan, whom Leyden will succeed on Sept. 1.

Shares of the company gained 36 cents, or 2%, to $18.64 in recent after-hours trading.