STX reports a dollar earnings ($518m) on $3.05b revenue. Revenue in line (more or less), average First Call estimate was .94. Not as big a blowout as previous 3 reports. Hope Steve has something good to say in the CC to counter the bears who have been emerging on both Seagate and Western Digital in the past few weeks.
Seagate Technology Reports Fiscal Third Quarter 2010 Financial Results
* Quarterly Revenue of $3 Billion, Net Income of $518 Million and Record Unit Shipments of 50.3 Million
Press Release Source: Seagate Technology On Tuesday April 20, 2010, 4:01 pm
SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--Seagate Technology (NASDAQ:STX - News) today reported financial results for the quarter ended April 2, 2010 of 50.3 million disk drive unit shipments, revenue of $3.05 billion, gross margin of 29.6%, net income of $518 million and diluted earnings per share of $1.00. The financial results for the quarter include $9 million of purchased intangibles amortization expense and $4 million of restructuring charges. The aggregate impact of these expense items is $13 million or approximately $0.03 per diluted share.
For the nine months ended April 2, 2010 the company reported 146.5 million disk drive unit shipments, revenue of $8.74 billion, gross margin of 28.3%, net income of $1.23 billion and diluted earnings per share of $2.38. The financial results for the nine months ended April 2, 2010 include $29 million of purchased intangibles amortization expense, $50 million of restructuring costs and a write down of long-lived assets of $64 million. The aggregate impact of these expense items is $143 million or approximately $0.28 per diluted share.
“Consistent with our expectations at the beginning of the March quarter, we achieved strong operational and financial results,” said Steve Luczo, Seagate CEO. “We delivered record shipments while our inventory levels at our OEM and distribution customers remained at nearly all time lows across all geographies and all product offerings. Demand for Seagate products remains very strong and we expect to see tight supply throughout the remainder of the calendar year.”
Additional information relating to the financial results for the fiscal third quarter of 2010 can be found online at seagate.com.
Conference Call
Seagate will hold a conference call to review the third quarter results today at 3:00 p.m. Pacific Time. During today’s conference call, the company will provide an outlook for its fourth fiscal quarter of 2010, including key underlying assumptions.
The conference call can be accessed online at seagate.com or by phone as follows:
USA: (800) 299-7928
International: (617) 614-3926
Participant Passcode: 19009043
Replay
A replay will be available beginning today at 6:00 p.m. Pacific Time. The replay can be accessed from seagate.com.
About Seagate
Seagate is the world leader in hard disk drives and storage solutions. Learn more at seagate.com.
Cautionary Note Regarding Forward-Looking Statements
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