Seagate Tops Street 1Q Expectations

MarketsAssociated Press

Seagate Technology PLC (NADAQ:STX) on Monday reported profit of $391 million in its fiscal first quarter.

On a per-share basis, the Dublin-based company said it had profit of $1.13. Earnings, adjusted for amortization costs and non-recurring costs, came to $1.34 per share.

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The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.

The electronic storage maker posted revenue of $3.79 billion in the period, which also topped Street forecasts. Analysts expected $3.62 billion, according to Zacks.

Seagate shares have climbed almost 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 6 percent. The stock has risen 17 percent in the last 12 months.