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Seagate ups Q1 estimates

Expects good quarter

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Hard disc maker Seagate told Wall Street today that it hopes to do better than expected in its first quarter. The company expects to end the first quarter of 2005, ending 1 October 2004, with sales of between $1.48bn and $1.52bn with earnings per share of between 6 and 8 cents rather than the $1.47bn turnover and earnings of 3 cents per share analysts were expecting. Seagate said demand for drives remained strong.

Seagate expects the average price for its product to continue to decline over the quarter by between 3 per cent and 4 per cent. The firm believes the Total Available Market, or TAM, for enterprise storage products to be about 5.8m units - slightly higher than previously predicted. Seagate believes its share of this market will remain constant.

Seagate estimates the TAM for desktop computing storage product to be between 47m and 48m units, lower than company previously estimated. The company predicts the TAM for mobile computing storage products will be between 14m and 15m - this includes 2-inch and 1.8inch drives for notebook computers.

Consumer electronic storage products like personal video recorders, game consoles and portable digital audio players make up 10m to 11m, Seagate previously estimated this market at between 8m and 10m units.

Shares in Seagate rose more than 10 per cent in trading before the Nasdaq opened this morning.

More details are available on the Seagate website here ®

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