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
- Overwatch dethrones League of Legends in Korean PC bang rankings
- System Shock Remastered renamed System Shock, is now a reboot
- Woman wins $10,000 in forced Windows 10 upgrade case
- Design your own AI with this online training
- AMD's next-gen AM4 socket pictured on the ASUS ROG Crosshair VI Impact
- Fractal Design CORE 500 Mini-ITX Small Form Factor Chassis Review
- H110M-ITX loses USB and PS1 when WIN 7 loads
- Why does my Monitor show static and lines occasionally when using 144hz?
- Considering a DK-04 when they come in stock, just have a few questions beforehand.
- Skylake Overclocking i7 6700k help please
- ADATA launches the Premier SP550 M.2 2280 SATA 6Gb/s SSD
- Mangstor's NX-Series storage arrays accelerate HPC throughput with new burst buffer capabilities
- Swiftech unveils new Komodo Waterblocks for NVIDIA GeForce GTX1080 and GTX1070 flagship video cards
- ADATA releases the HD700 and HV620S external hard drives
- BIOSTAR teams up with Apacer and Thermaltake to showcase high-end gaming machines