Seagate: Fiscal 3Q Earnings Snapshot
DUBLIN (AP) _ Seagate Technology PLC (STX) on Wednesday reported fiscal third-quarter earnings of $320 million.
On a per-share basis, the Dublin-based company said it had profit of $1.22. Earnings, adjusted for one-time gains and costs, came to $1.38 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.29 per share.
The electronic storage maker posted revenue of $2.72 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $2.6 billion.
Seagate shares have fallen 15% since the beginning of the year, while the Standard & Poor’s 500 index has declined 13%. In the final minutes of trading on Wednesday, shares hit $50.74, a climb of roughly 4% in the last 12 months.