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Seagate at Record High on Strong Results & Guidance

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By Dhirendra Tripathi

Investing.com – Seagate (NASDAQ:STX) shares rose to a record driven by positive sentiments after a strong quarter and healthy guidance.

The maker of data storage solutions expects revenue between $2.7 billion and $3 billion for the fiscal fourth quarter.

"These trends lend further support to our June outlook, including an anticipated return to solid year-over-year revenue growth in the June quarter and enhanced profitability," said Chief Executive Officer Dave Mosley in a statement. "As the datasphere continues to grow in scale and complexity, our innovative technology, flexible product roadmap and mass data expertise make us well positioned to capture significant opportunities in our core HDD business and address customers’ emerging needs to move, secure and store data across a more distributed enterprise."

Non-GAAP revenue in the third fiscal quarter was $2.73 billion with operating margins at 15.4%.

Net income was $350 million, lower than $363 million in the same period a year ago. While net profit fell, EPS increased to $1.48 from $1.38.

Seagate sees non-GAAP diluted EPS at anywhere between $1.45 and $1.75 in its fourth quarter.

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