Seagate reports fiscal Q3 2008 results

Posted on 22-04-2008

Seagate Technology reported disc drive unit shipments of approximately 43 million, revenue of $3.1 billion

Seagate Technology reported disc drive unit shipments of approximately 43 million, revenue of $3.1 billion, GAAP net income of $344 million, and diluted net income per share of $0.65 for the quarter ended March 28, 2008. GAAP net income and diluted net income per share includes approximately $29 million of purchased intangibles amortization and other charges associated with Seagate’s recent acquisitions and also a net gain from asset sales of approximately $4 million. Excluding these items, non-GAAP net income and diluted net income per share were $369 million and $0.70, respectively. Included in both GAAP and non-GAAP results are restructuring and other charges of approximately $20 million or approximately $0.04 per share.

“We are pleased with Seagate’s solid operational and financial performance in the quarter driven by continued strong global demand for storage products,” said Bill Watkins, Seagate CEO. “Further, we delivered strong year-over-year revenue and earnings growth in the third quarter. We continue to believe that there is significant opportunity in the notebook and retail markets – two areas where the company recently has not performed to expectation. We expect to see improved performance in these areas in the June quarter and through the calendar year.”

Adjustments made to GAAP net income and diluted net income per share can be found with the financial statements included with this press release.

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