Western Digital Corp
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Information Technology : Technology Hardware, Storage & Peripherals | Mid Cap Value
Company profile

Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company's portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions). The Company develops and manufactures a portion of the recording heads and magnetic media used in its hard drive products.


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Chipotle sales bounce back from pandemic decline, but the stock is falling

4:26 pm ET October 21, 2020 (MarketWatch)

By Jeremy C. Owens

After huge stock run-up amid gains in online ordering and ticket size, Chipotle shares drop about 5% in after-hours action despite return to revenue growth, better-than-expected earnings

Chipotle Mexican Grill Inc. returned to sales growth despite the COVID-19 pandemic over the summer, the company reported on Wednesday, but shares still declined after a sustained run higher.

Chipotle (CMG) reported third-quarter net income of $80.2 million, or $2.82 a share, down from $3.47 a share last year due to costs related to restructuring, restaurant closures and legal proceedings, the company said. After adjusting for those costs, the company reported earnings of $3.76 a share, down from $3.82 a share a year ago.

Revenue jumped back to growth, however. Sales totaled $1.6 billion, up more than 14% from $1.4 billion a year ago, thanks to a same-store-sales gain of 8.3%. Analysts on average expected same-store sales to gain 7.3%, according to FactSet, and projected adjusted earnings of $3.47 a share on sales of $1.59 billion.

Chipotle has leveraged online ordering and delivery (https://www.marketwatch.com/story/chipotle-earnings-preview-same-store-sales-growth-may-have-slowed-but-digital-and-delivery-are-drivers-analysts-say-11603137179) to recover quickly from the effects of the COVID-19 pandemic. The Mexican-food chain's same-store sales declined in the second quarter but has bounced back in part thanks to larger orders and the return of carne asada (https://www.marketwatch.com/story/chipotle-customers-are-spending-more-to-dine-on-queso-and-steak-2020-07-23).

Online sales continue to be a huge driver of purchases in the third quarter, with online sales more than tripling and accounting for nearly half of the orders Chipotle received.

"Digital sales grew 202.5% year over year to $776.4 million and represented 48.8% of sales," the company disclosed in Wednesday's release. "About half of the digital sales were via delivery, benefiting from our expanded partnerships, with the remainder coming from order-ahead transactions."

Chipotle did not provide a forecast for the current quarter due to "ongoing uncertainty surrounding the future impact of COVID-19 on the broader US economy and any specific impact to our company," according to the release.

Shares dropped about 5% in after-hours trading immediately following the release of the results, after closing with a 1% gain at $1,361.58 in the regular trading session. The stock is up more than 60% so far this year, as the S&P 500 index SPX (#phrase-company?ref=COMPANY%7CSPX;onlineSignificance=passing-mention) has increased 6.6%.

-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 21, 2020 16:26 ET (20:26 GMT)

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