Seagate Lifts Earnings Outlook
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Seagate Technology has followed in the tracks of fellow disk-drive maker Western Digital and boosted its earnings forecast for the current quarter, citing strong demand and better-than-expected pricing. So other than the fact that consumers are paying more than expected this is good news for the hard drive makers.
Seagate, in an SEC filing ahead of an investor conference Thursday, said it expects fiscal second-quarter earnings of 53 cents to 57 cents a share, excluding stock-based compensation costs. In October, the company projected earnings of 48 cents to 52 cents a share on this basis, an outlook that at the time was below analysts’ forecasts and sent Seagate’s shares down.
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