26.01.2015 15:05:42

Seagate Technology Q2 Profit Meets View, But Revenues Miss

(RTTNews) - Computer storage device maker Seagate Technology plc (STX) on Monday reported a profit for the second quarter that more than doubled from last year, reflecting higher revenues and a one-time gain, in addition to lower expenses.

Adjusted earnings per share for the quarter matched analysts' expectations, while revenues missed their estimates.

Steve Luczo, Seagate's chairman and chief executive officer said, "Seagate's second fiscal quarter performance is the result of consistent execution and our solid competitive positioning in the storage technology marketplace. In addition, our cash flow generation remains strong as we continue to effectively balance investing in our business with returning capital to shareholders."

The hard-disk drive maker's net income for the second quarter was $933 million or $2.78 per share, up from $428 million or $1.24 per share in the prior-year quarter. The latest quarter's results include a net gain of $620 million on an arbitration award.

Excluding items, adjusted net income for the quarter was $452 million or $1.35 per share. On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $1.25 per share for the quarter. Analyst' estimates typically exclude special items.

Revenues for the quarter increased 5 percent to $3.70 billion from $3.53 billion in the same quarter last year, but missed analysts' consensus estimate of $3.74 billion.

Storage shipments in the quarter grew 17 percent year-over-year to 61.3 exabytes.

Total operating expenses for the quarter declined 14 percent from the year-ago period to $2.64 million.

Seagate's board of directors has approved a quarterly cash dividend of $0.54 per share, which will be payable on February 24, 2015 to shareholders of record as of the close of business on February 10, 2015. The dividend represents a 26 percent increase from the first quarter of 2015.

STX closed Friday's trading at $63.98. In Monday's pre-market activity, the stock is down $1.73 or 2.70 percent to $62.25.

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