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January 29, 2013

Seagate reports 15% rise in Q2 revenue

The company shipped 58 million hard drives.

By CBR Staff Writer

Seagate Technology has reported a 15% rise in its revenue to $3.66bn during the second quarter, compared to $3.19bn it reported in the corresponding quarter in 2011.

The company’s net income declined to $492m, or $1.30 diluted earnings per share, for the quarter, compared to $563m, or $1.28 diluted earnings per share, for the same period last year.

Seagate said its operating expenses rose to $3.11bn in the quarter, compared to $2.6bn for the same period in the corresponding year.

During the quarter, Seagate shipped 58 million hard drives, a slight increase when compared to 57.6 million units it shipped in the fiscal first quarter.

The company expects revenue to be in the range of $3.25bn to $3.45bn for the third quarter.

Seagate chairman, president and chief executive officer Steve Luczo said: "Looking ahead, we will continue to manage our business conservatively to the demand environment, focus on profitability and effectively invest for market leadership in storage for mobility, cloud and open source."

"Creating value for shareholders remains a top priority, and in the first half of fiscal 2013, we returned over 95% of operating cash flows through share redemptions and dividends," Luczo said.

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Earlier this month, Seagate introduced Central shared storage, a networked home storage solution at the 2013 Consumer Electronics Show (CES) in Las Vegas.

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