Seagate Technology (STX) reported that its first-quarter net income was $179 million or $0.35 per share, compared to $57 million or $0.12 per share in the same quarter last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share for the quarter. Analysts' estimates typically exclude special items.
The latest quarter results included a $10 million of purchased intangibles amortization, $46 million of restructuring and a write down of long-lived assets of $64 million. The aggregate impact of these items is $120 million or approximately $0.23 per share.
Revenues for the quarter were $2.66 billion, compared to $3.03 billion in the prior year quarter. Seventeen analysts had consensus revenue estimate of $2.62 billion for the quarter.
For the second- quarter, the company said that it is planning for the overall industry demand for disk drives to be 153 - 160 million units. The company expects revenue to be approximately $2.75 - $2.85 billion and gross margin as a percent of revenue to be near the high end of the company's targeted range of 22-26%.
Analysts expects the company to report revenues of $2.75 billion for the second-quarter.
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