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Seagate: Fiscal 1Q Earnings Snapshot

DUBLIN (AP) _ Seagate Technology PLC (STX) on Friday reported fiscal first-quarter profit of $450 million.

The Dublin-based company said it had net income of $1.54 per share. Earnings, adjusted for restructuring costs and amortization costs, were $1.70 per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.55 per share.

The electronic storage maker posted revenue of $2.99 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $2.96 billion.

Seagate shares have climbed almost 3 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 2 percent. The stock has increased 16 percent in the last 12 months.


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