Seagate: Fiscal 1Q Earnings Snapshot

DUBLIN (AP) _ Seagate Technology PLC (STX) on Thursday reported fiscal first-quarter earnings of $223 million.

On a per-share basis, the Dublin-based company said it had profit of 86 cents. Earnings, adjusted for one-time gains and costs, were 93 cents per share.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 87 cents per share.

The electronic storage maker posted revenue of $2.31 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $2.33 billion.

For the current quarter ending in January, Seagate expects its per-share earnings to range from 95 cents to $1.25. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.09.

The company said it expects revenue in the range of $2.35 billion to $2.75 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $2.38 billion.

Seagate shares have declined 13% since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 7%. In the final minutes of trading on Thursday, shares hit $51.78, a decrease of slightly more than 7% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STX at https://www.zacks.com/ap/STX