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Seagate Technology Raises Q1 EPS Guidance

Tanzeel Akhtar

Seagate Technology plc (NASDAQ: STX) has raised its first-quarter EPS guidance from 90 cents to 99 cents versus the 91 cent estimate.

This update reflects the impact of a change in the estimated useful lives of Seagate's capital equipment, associated with the manufacturing of the company's products, from a range of three to five years to a range of three to seven years.

Seagate says the estimated impact of this change reduces depreciation expense by approximately $25 million, or 9 cents per diluted share, in the first fiscal quarter.

Seagate shares were trading down 0.6% at $55.71 in Wednesday’s pre-market session. The stock has a 52-week high of $57.01 and a 52-week low of $35.38.

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