Seagate’s Earnings Rise Beyond Forecasts

Seagate Technology Inc. reported better-than-expected earnings or $256.7 million, or $1.01 a share, in its fiscal third quarter ended March 28. The Scotts Valley-based maker of computer disk drives said sales rose 19%, to $2.5 billion from $2.09 billion. The current results include pretax charges totaling $24.3 million related to acquisitions. Without the charges, earnings would have been $1.07 a share. Analysts had expected 94 cents a share, based on the average estimate of eight analysts surveyed by IBES International. In the year-earlier period, Seagate reported a loss of $157.4 million, or 78 cents, which included charges related the acquisition of Conner Peripherals Inc. Without that charge, year-ago earnings would have been 35 cents a share. Seagate’s shares rose $1.25 to $52 on the New York Stock Exchange.