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
- Polaris is exciting, but will this be the GPU we're looking for?
- China is the first to have an autonomous police robot, with a taser
- The 'Space Jam' sequel is happening for reals this time
- VR could be awesome as a mainstream device, but it might be held back
- Oculus Rift to be sold in-store at Best Buy starting May 7
- I bought a new open box assus laptop but the sound does not work, help.
- JBL Xtreme Portable Bluetooth Speaker Review
- PC reboots immediately after being put to sleep
- How does correct CPU install bend pins?
- ASRock and Intel teams up to create one of the smallest mini PCs: DeskMini
- Sapphire launches Radeon Pro Duo for ultimate VR & 4K experience
- Seagate now shipping 10TB helium enterprise drive in volume
- ENERMAX announces the new DFR technology with D.F.PRESSURE
- World's first 24/7 esports TV channel launched