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July 21, 2010

Seagate Q4 revenue up 13% to $2.66bn

Posts net income of $379m and $0.76 dilute EPS

By CBR Staff Writer

Seagate Technology has reported revenue of $2.66bn for the fourth quarter of fiscal year 2010, an increase of 12.9% compared to $2.35bn for the same period last year. The disk drive unit shipments for the quarter were 46.8 million.

For the quarter ended July 2, 2010, the company has posted a net income of $379m or $0.76 dilute earning per share, compared to a net loss of $83m or $0.17 per share for the same period last year.

The results for the quarter include $6m of purchased intangibles amortisation expense, $16m of restructuring charges, $3m expense for the May 2010 termination of Seagate’s revolving credit facility offset by a $6m recovery of previously impaired long-lived assets and a $50m income tax benefit.

For the fiscal year 2010, the company reported 193.2 million disk drive unit shipments, revenue of $11.4bn, gross margin of 28.1%, net income of $1.61bn and diluted earnings per share of $3.14.

Steve Luczo, chairman, president and CEO of Seagate, said: "In fiscal year 2010 we delivered record shipments, profitability and operating margin. The company responded well to the increase in global hard drive demand, which grew 22% year-over-year, introduced key new products, continued to strengthen the capital structure, and remained focused on improving key business fundamentals to position Seagate for future growth."

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