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Seagate Earnings, Revenue Top Analyst Views

Reuters
Tuesday, 16 Oct 2007 | 5:36 PM ET

Seagate Technology on Tuesday posted a higher-than-expected quarterly profit, as the maker of computer hard drives saw revenue rise nearly 18 percent.

Seagate also gave profit and revenue forecasts that beat expectations.

Seagate shares were unchanged in extended trading after closing down 1.6 percent at $26.45 on the New York Stock Exchange.

Excluding special items such as acquisition costs, Seagate had a profit of 69 cents per share, beating the average analysts' forecast of 64 cents per share on Reuters Estimates.

Revenue was $3.29 billion compared with $2.79 billion a year earlier, beating the average Wall Street forecast of $3.22 billion.

Seagate's profit for its fiscal first quarter was $355 million, or 64 cents per share, compared to $19 million, or 3 cents per share, a year earlier.

Analysts had been looking for a profit after items of 69 cents per share on revenue of $3.39 billion, according to Reuters Estimates.

The stock has risen about 30 percent since the end of May amid signs of stronger-than-expected demand, higher prices and a better product mix.

For the second quarter, Seagate said it expected to show a profit after special items of 71 cents to 75 cents per share on revenue of $3.4 billion to $3.5 billion.

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