Western Digital boosts estimates

Western Digital Corp., a Lake Forest maker of hard-disk drives, boosted its fiscal first-quarter profit and sales forecast as demand picked up.

Profit will rise to as much as 65 cents a share, excluding some acquisition costs, the company said. That tops the 47-cent average of estimates compiled by Bloomberg.

Stronger demand in Europe and improved pricing prompted Western Digital to predict sales of as much as $1.65 billion, an increase from a previous forecast of up to $1.5 billion.

“We’ve seen stronger demand across all segments and regions, particularly in Europe,” Western Digital Chief Executive John Coyne said.

Western Digital shares climbed 58 cents, or 2.6%, to $22.99 in extended trading. The stock had risen 4 cents to close at $22.41.