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Seagate books fiscal Q2 2010 net income of $533 million

Posted on Thursday, January 21 2010 @ 16:57:53 CET by


Storage firm Seagate announced its fiscal Q2 2010 financial results, the company shipped 49.9 million disk drives and booked a revenue of $3.03 billion, gross margin of 30.5 percent, net income of $533 million and earnings per share of $1.03. The results are better than expected as financial analysts were predicting Seagate would report EPS of $0.65 on a revenue of $2.85.
Seagate Technology (NASDAQ: STX) today reported financial results for the quarter ended January 1, 2010 of 49.9 million disk drive unit shipments, revenue of $3.03 billion, gross margin of 30.5%, net income of $533 million and diluted earnings per share of $1.03. The financial results for the quarter include $10 million of purchased intangibles amortization expense or approximately $0.02 per diluted share.

For the six months ended January 1, 2010 the company reported 96.2 million disk drive unit shipments, revenue of $5.69 billion, gross margin of 27.7%, net income of $712 million and diluted earnings per share of $1.38. The financial results for the six months ended January 1, 2010 include $20 million of purchased intangibles amortization expense, $46 million of restructuring costs and a write down of long-lived assets of $64 million. The aggregate impact of these expense items is $130 million or approximately $0.25 per diluted share.

“Our strong financial performance in the December quarter was the result of our ongoing progress in driving operational efficiencies, our leadership position in high capacity, high performance products, an improved product mix and the overall strength of demand for digital storage,” said Steve Luczo, Seagate CEO.



 



 

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