CUPERTINO, Calif.--(BUSINESS WIRE)-- Seagate Technology plc (NASDAQ: STX) today reported financial results for the quarter ended December 30, 2011. The company shipped 47 million disk drives and reported revenue of $3.2 billion, gross margin of 31.6%, net income of $563 million and diluted earnings per share of $1.28. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported net income of $581 million and diluted earnings per share of $1.32 for the quarter ended December 30, 2011.
For the six months ended December 30, 2011, the company reported revenue of $6.0 billion, gross margin of 26.0%, net income of $703 million and diluted earnings per share of $1.61. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported net income of $727 million and diluted earnings per share of $1.67. Seagate returned $151 million to shareholders in the form of a dividend and repurchased $191 million of Seagate ordinary shares which equates to approximately 13 million ordinary shares.
For a detailed reconciliation of non-GAAP to GAAP results, see accompanying financial tables.
Acquisition of Samsung's Hard Disk Drive Assets
Seagate announced on December 19, 2011 the closing of the acquisition of the hard disk drive business of Samsung Electronics Co., Ltd. Related to this transaction, amortization of acquisition-related intangibles of $5 million (non-cash expense) is included in the GAAP basis net income for the fiscal second quarter and six months ended December 30, 2011. For Seagate's third fiscal quarter, which ends on March 30, 2012, it is expected that amortization of acquisition-related intangibles will be approximately $35 million.
Latest News Posts
- PlayStation 4 with a bonus $100 gift card as Slim nears
- How to make a living taking down hackers
- Battlefield 1 beta will run for eight days
- Turn into a certified hacker with premium training
- Samsung begins shipping its Dolby Atmos soundbars
- Deus Ex: Mankind Divided Performance Analysis
- Reeven Polariz RFC-04 Fan Controller Review
- Bootable RAID 0 via dual u.2 ports on x99 Designare EX
- Intel shows Merged Reality Technologies at IDF 2016
- Lenovo ThinkPad P70 Mobile Workstation Notebook Review
- ADATA launches the ultimate SU800SATA 6Gb/s 3D NAND SSD
- CAPE Audio shakes up the headphone industry with the release of Rebellion Headphones
- Tesoro announces ambidextrous, White Sharur SE Spectrum gaming mouse
- Eurocom launches worlds first GTX 1080 SLI VR-Ready laptop
- Thermaltake new Pacific RGB G1/4 PETG Tube 16mm OD 12mm ID 6 liquid-cooling fittings with 1 RGB LED lighting controller