Feeds

Seagate drives up Q3 profit forecast

ATA boy

HP ProLiant Gen8: Integrated lifecycle automation

Hard disk drive maker Seagate Technology today plumped up its profit expectations for the last quarter.

The California-based firm attributed the profitability forecast to a favourable mix of its enterprise and consumer drives and to marginally higher than expected pricing.

Seagate said in a regulatory filing that it had pushed its earnings per share target up for the company's third quarter ended 31 March 2008 to a range of 63 to 67 cents, while it expects non-GAAP earnings per share of 68 cents to 72 cents.

The firm reiterated that revenue would be in line with expectations of between $3.2bn and $3.3bn, but added that its final Q3 financial results were dependent on the outcome of "demand and pricing during the remainder of March".

Seagate also noted that, as of 29 February 2008, it had repurchased 36 million shares during the quarter so far for a total of about $784m.

It said it used the remainder of its original $2.5bn repurchase authorisation and about $310m of a new $2.5bn buyback programme, which the firm announced early last month. ®

Eight steps to building an HP BladeSystem

More from The Register

next story
THUD! WD plonks down SIX TERABYTE 'consumer NAS' fatboy
Now that's a LOT of porn or pirated movies. Or, you know, other consumer stuff
EU's top data cops to meet Google, Microsoft et al over 'right to be forgotten'
Plan to hammer out 'coherent' guidelines. Good luck chaps!
US judge: YES, cops or feds so can slurp an ENTIRE Gmail account
Crooks don't have folders labelled 'drug records', opines NY beak
Manic malware Mayhem spreads through Linux, FreeBSD web servers
And how Google could cripple infection rate in a second
FLAPE – the next BIG THING in storage
Find cold data with flash, transmit it from tape
Seagate chances ARM with NAS boxes for the SOHO crowd
There's an Atom-powered offering, too
prev story

Whitepapers

Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.