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
- Chinese launching chaotic number of attacks against US infrastructure
- VRDC will precede GDC 2016 for all things VR game development
- Hands on with the fully modular Plantronics RIG 500 series headsets
- BMW, Apple to rekindle relationship, possible car development?
- Latest Apple rumor: company will announce new Apple TV in September
- I am the new one
- GA-Z77X-UD4H F3a Modified BIOS Possible Issue
- Buffalo MiniStation Extreme NFC 1TB External HDD Review
- P67A-UD4-B3 Windows 10
- On Z97 Anniversary: No networking devices supported by Windows 10?
- Corsair Memory, PSUs, and CPU Coolers Pave the Way for Next Gen PC Processors
- Windows 10 Free Upgrade on GIGABYTE Laptops!
- Gamescom 2015 - Vertagear Racing Series at Caseking's Booth
- NVIDIA Recalls Select Shield Tablets over Fire Hazard
- Thermaltake Unveils the Core V51 Riing Edition Window Green PC Chassis