Seagate Technology PLC Beats the Street; Shares Rise 1.9%

Image source: Seagate.

Seagate Technology (NASDAQ: STX  ) just reported results for the third quarter of fiscal year 2014 and also published a slide deck with commentary for the evening's conference call with analysts. In after-market trading, Seagate shares rose 1.9% on the news.

The maker of hard drive storage products reported non-GAAP earnings of $1.34 per share, up from $1.26 per share in the year-ago period and ahead of analysts' $1.25 consensus estimate.

Revenue declined 3.4% year over year to $3.4 billion, in line with analyst projections.

The company shipped 1.5% higher unit volumes year over year, balanced by a 3.2% decline in average selling prices. Adjusted gross margins improved from 28% to 28.5%.

Sales increased slightly in the retail channel. Enterprise drives showed the strongest growth among Seagate's product lines with a 5.5% annual sales jump, while sales of laptop drives fell 3.5%.

"We are positioning the company to lead in the evolving storage ecosystem by leveraging and investing in our market-leading product portfolio to enable shifts in the storage landscape in hyperscale, performance and mobility," said Seagate CEO Steve Luczo in a prepared statement.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2935782, ~/Articles/ArticleHandler.aspx, 10/23/2014 10:53:01 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement