The world's largest maker of hard drives, Seagate Technology, made a stronger-than-expected profit for its fiscal first quarter, as demand drove sales up 18 percent.
Net income for the quarter ended Sept. 28 grew to $355 million (250.88 million EUR), or 64 cents per share, from $19 million (13.43 million EUR), or 3 cents per share, a year ago. Excluding about $30 million (21.2 million EUR) of amortization and other charges associated with the Maxtor and EVault acquisitions, the company earned 69 cents per share in the latest period.
Revenue climbed to $3.29 billion (2.33 billion EUR) from $2.79 billion (1.97 billion EUR) in the year-earlier quarter.
Analysts surveyed by Thomson Financial were expecting a profit of 64 cents per share on revenue of $3.22 billion (2.28 billion EUR).
In August, Seagate raised its outlook for the first quarter, due to favorable supply and demand conditions and a better product mix, forecasting profit of 57 cents to 61 cents per share on revenue of $3.15 billion (2.23 billion EUR) to $3.25 billion (2.3 billion EUR).
The company reported disc drive unit shipments of 47 million in the quarter.
The strike was defensive in nature and came in response to three attacks on the US military in February