Seagate (STX) Q1 Results Mixed; Co. Gets EC Approval for HDD Acquisition
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Financial Fact:
Product development: 315M
Today's EPS Names:
EDXC, BICX, FBPI, More
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Seagate Technology (NYSE: STX) shares are trading higher late Thursday following first-quarter 2012 results.
Revenue rose 4.2 percent from $2.697 billion in the same quarter last year to $2.811 billion, shy of the $2.90 billion expected on the Street.
Net income fell 6 percent from $149 million last year to $140 million, amounting to 32 cents per share. Adjusting for items, earnings were a more robust 34 cents per share, versus the 32 cents per share expected.
Though results were mixed, Seagate said it received approval from the European Commission on October 19, 2011 for the proposed acquisition of Samsung’s hard disk drive assets. According to the release, "the company will continue to work with other regulatory bodies to secure additional approvals in the coming weeks. Seagate believes the transaction will close by the end of 2011."
The stock is up about 2 percent to $12.30 at last check.
Revenue rose 4.2 percent from $2.697 billion in the same quarter last year to $2.811 billion, shy of the $2.90 billion expected on the Street.
Net income fell 6 percent from $149 million last year to $140 million, amounting to 32 cents per share. Adjusting for items, earnings were a more robust 34 cents per share, versus the 32 cents per share expected.
Though results were mixed, Seagate said it received approval from the European Commission on October 19, 2011 for the proposed acquisition of Samsung’s hard disk drive assets. According to the release, "the company will continue to work with other regulatory bodies to secure additional approvals in the coming weeks. Seagate believes the transaction will close by the end of 2011."
The stock is up about 2 percent to $12.30 at last check.
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