Seagate Technology (STX) Tops Q1 EPS by 4c

Seagate Technology (NASDAQ: STX) reported Q1 EPS of $0.54, $0.04 better than the analyst estimate of $0.50. Revenue for the quarter came in at $2.93 billion versus the consensus estimate of $2.92 billion.

“During the quarter, we made solid progress against our core initiatives to bolster our product portfolio, contain costs and return capital to shareholders,” said Steve Luczo, Seagate’s chairman and chief executive officer. “While lower than planned nearline enterprise demand temporarily impacted our financial results, we are pleased with the momentum we have across our products, which will be further supported by the newly acquired assets of Dot Hill and our ability to now completely integrate the Samsung hard drive business. As we look forward, we are focused on delivering storage solutions for a significant range of existing, growing and emerging areas, and believe we have the right strategy and portfolio to deliver value to shareholders.”

For earnings history and earnings-related data on Seagate Technology (STX) click here.

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