TweakTown
Tech content trusted by users in North America and around the world
6,099 Reviews & Articles | 39,136 News Posts

Seagate Technology Reports Fiscal Second Quarter 2012 Financial Results

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.

 

TweakTown image pr/6/7/6770_08_seagate_technology_reports_fiscal_second_quarter_2012_financial_results.jpg

 

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.

Related Tags

Further Reading: Read and find more Business, Financial & Legal press releases at our Business, Financial & Legal PR index page.

Do you get our RSS feed? Get It!

Got an opinion? Post a comment below!

Latest Tech News Posts

View More News Posts

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases