Windows Server 2008 Backup error 2147942402

Log Name:      Microsoft-Windows-Backup
Source:        Microsoft-Windows-Backup
Date:          2/25/2015 3:45:47 AM
Event ID:      7
Task Category: None
Level:         Error
Keywords:
User:          SYSTEM
Computer:      server1.local.customer.com
Description:
Backup started at '2/25/2015 8:00:34 AM' failed with following error code 2147942402.
Event Xml:
<Event xmlns="http://schemas.microsoft.com/win/2004/08/events/event">
  <System>
    <Provider Name="Microsoft-Windows-Backup" Guid="{1db28f2e-8f80-4027-8c5a-a11f7f10f62d}" />
    <EventID>7</EventID>
    <Version>0</Version>
    <Level>2</Level>
    <Task>0</Task>
    <Opcode>0</Opcode>
    <Keywords>0x4000000000000000</Keywords>
    <TimeCreated SystemTime="2015-02-25T08:45:47.835Z" />
    <EventRecordID>2248</EventRecordID>
    <Correlation />
    <Execution ProcessID="6776" ThreadID="2828" />
    <Channel>Microsoft-Windows-Backup</Channel>
    <Computer>server1.local.wlstarkco.com</Computer>
    <Security UserID="S-1-5-18" />
  </System>
  <EventData>
    <Data Name="BackupTemplateID">{A3BC04FF-1897-4649-84B3-8C2C5F78F100}</Data>
    <Data Name="HRESULT">2147942402</Data>
    <Data Name="BackupState">12</Data>
    <Data Name="BackupTarget">server1 2013_09_18 13:46 DISK_01</Data>
    <Data Name="NumOfVolumes">2</Data>
    <Data Name="BackupTime">2015-02-25T08:00:34.912Z</Data>
    <Data Name="HRESULT">2147942402</Data>
    <Data Name="VolumesInfo">&lt;VolumeInfo&gt;&lt;VolumeInfoItem Name="C:" OriginalAccessPath="C:" State="14" HResult="0" DetailedHResult="0" PreviousState="9" DataTransferred="1684865024" NumUnreadableBytes="0" TotalSize="1684865024" Flags="3" SSBTotalNoOfFiles="0" SSBTotalSizeOnDisk="0" SSBVhdSize="0"/&gt;&lt;VolumeInfoItem Name="D:" OriginalAccessPath="D:" State="12" HResult="-2147024894" DetailedHResult="0" PreviousState="9" DataTransferred="0" NumUnreadableBytes="0" TotalSize="0" Flags="3" SSBTotalNoOfFiles="0" SSBTotalSizeOnDisk="0" SSBVhdSize="0"/&gt;&lt;/VolumeInfo&gt;</Data>
    <Data Name="DetailedHRESULT">0</Data>
    <Data Name="SourceSnapStartTime">2015-02-25T08:00:34.888Z</Data>
    <Data Name="SourceSnapEndTime">2015-02-25T08:02:04.819Z</Data>
    <Data Name="PrepareBackupStartTime">&lt;TimesList&gt;&lt;Time Time="2015-02-25T08:02:18.275Z" /&gt;&lt;Time Time="2015-02-25T08:37:13.376Z" /&gt;&lt;/TimesList&gt;</Data>
    <Data Name="PrepareBackupEndTime">&lt;TimesList&gt;&lt;Time Time="2015-02-25T08:02:18.763Z" /&gt;&lt;Time Time="2015-02-25T08:37:20.678Z" /&gt;&lt;/TimesList&gt;</Data>
    <Data Name="BackupWriteStartTime">&lt;TimesList&gt;&lt;Time Time="2015-02-25T08:02:18.765Z" /&gt;&lt;Time Time="2015-02-25T08:37:20.771Z" /&gt;&lt;/TimesList&gt;</Data>
    <Data Name="BackupWriteEndTime">&lt;TimesList&gt;&lt;Time Time="2015-02-25T08:37:13.376Z" /&gt;&lt;Time Time="2015-02-25T08:45:21.564Z" /&gt;&lt;/TimesList&gt;</Data>
    <Data Name="TargetSnapStartTime">1601-01-01T00:00:00.000Z</Data>
    <Data Name="TargetSnapEndTime">1601-01-01T00:00:00.000Z</Data>
    <Data Name="DVDFormatStartTime">&lt;TimesList&gt;&lt;/TimesList&gt;</Data>
    <Data Name="DVDFormatEndTime">&lt;TimesList&gt;&lt;/TimesList&gt;</Data>
    <Data Name="MediaVerifyStartTime">&lt;TimesList&gt;&lt;/TimesList&gt;</Data>
    <Data Name="MediaVerifyEndTime">&lt;TimesList&gt;&lt;/TimesList&gt;</Data>
    <Data Name="BackupPreviousState">9</Data>
    <Data Name="ComponentStatus">&lt;ComponentStatus&gt;&lt;/ComponentStatus&gt;</Data>
    <Data Name="SSBEnumerateStartTime">1601-01-01T00:00:00.000Z</Data>
    <Data Name="SSBEnumerateEndTime">1601-01-01T00:00:00.000Z</Data>
    <Data Name="SSBVhdCreationStartTime">1601-01-01T00:00:00.000Z</Data>
    <Data Name="SSBVhdCreationEndTime">1601-01-01T00:00:00.000Z</Data>
    <Data Name="SSBBackupStartTime">1601-01-01T00:00:00.000Z</Data>
    <Data Name="SSBBackupEndTime">1601-01-01T00:00:00.000Z</Data>
    <Data Name="SystemStateBackup">false</Data>
  </EventData>
</Event>