Seagate tops Street 2Q forecasts

Seagate posts 2Q profit, results top Wall Street forecasts

Associated Press

DUBLIN (AP) _ Seagate Technology PLC (STX) on Tuesday reported fiscal second-quarter net income of $297 million.

The Dublin-based company said it had net income of $1 per share. Earnings, adjusted for non-recurring costs and restructuring costs, were $1.38 per share.

The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.

The electronic storage maker posted revenue of $2.89 billion in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $2.82 billion.

Seagate shares have decreased roughly 2 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 2 percent. In the final minutes of trading on Tuesday, shares hit $37.46, a climb of 42 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STX at https://www.zacks.com/ap/STX

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Keywords: Seagate, Earnings Report