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Seagate Posts Better-Than-Expected Q4 Earnings, Sales

Seagate Technology PLC STX announced better-than-predicted numbers for the fourth quarter.

The disk storage firm reported net income of $70 million or EPS of $0.23 for the three-month period April-June. On an adjusted basis, it would have earned a profit of $207 million or EPS of $0.69, which was $0.09 higher than the Street analysts' estimation of $0.60.

Seagate's revenue was $2.7 billion, which was also higher than the $2.64 billion projected by the analysts. Last year, the company earned a profit of $138 million or $0.43 a share on revenue of $2.93 billion reflecting the weakness in the market.

The company's chairman and CEO, Steve Luczo, said, "I am confident of the Company's long-term sustainability and prosperity in a world of significant data creation and high-capacity storage demand driven by emerging technologies, and cloud infrastructure deployments. We believe we have the leading storage technology product portfolio, technology roadmap and operational leverage to ensure we are well-positioned for long-term success and shareholder value."

Shares of the company traded $0.64 or 1.97 percent higher at $33.07 in the pre-market on Tuesday.

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