Source AP ©

Seagate Technology earns high profit for its fiscal first quarter

The world's largest maker of hard drives, Seagate Technology, made a stronger-than-expected profit for its fiscal first quarter, as demand drove sales up 18 percent.

Net income for the quarter ended Sept. 28 grew to $355 million (250.88 million EUR), or 64 cents per share, from $19 million (13.43 million EUR), or 3 cents per share, a year ago. Excluding about $30 million (21.2 million EUR) of amortization and other charges associated with the Maxtor and EVault acquisitions, the company earned 69 cents per share in the latest period.

Revenue climbed to $3.29 billion (2.33 billion EUR) from $2.79 billion (1.97 billion EUR) in the year-earlier quarter.

Analysts surveyed by Thomson Financial were expecting a profit of 64 cents per share on revenue of $3.22 billion (2.28 billion EUR).

In August, Seagate raised its outlook for the first quarter, due to favorable supply and demand conditions and a better product mix, forecasting profit of 57 cents to 61 cents per share on revenue of $3.15 billion (2.23 billion EUR) to $3.25 billion (2.3 billion EUR).

The company reported disc drive unit shipments of 47 million in the quarter.

Comments
Putin dislikes the idea of US army bases coming to Kuril Islands
Russians lose faith in their future, get ready for worse
Capital outflow from Russia sets new records
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Putin dislikes the idea of US army bases coming to Kuril Islands
Men's presence in maternity wards during childbirth considered shameful in Russia
Macron challenges Trump. French independence and croissants at stake
Russia’s sanctions against Ukraine send message to Washington
Russia sells arms to Asia to maintain peace in the world
The Amazon and the New Conquistadores
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Castro sued over alleged torture
Macron challenges Trump. French independence and croissants at stake
Castro sued over alleged torture
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Castro sued over alleged torture
Castro sued over alleged torture
Putin dislikes the idea of US army bases coming to Kuril Islands
Castro sued over alleged torture
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000