Seagate Technology says raises EPS view
NEW YORK (Reuters) - Seagate Technology STX.N said on Tuesday its profitability so far in the quarter ending in March has been better than expected, citing a favorable product mix and slightly higher than expected pricing.
The computer disk drive supplier said it had "revised upwards" its earnings per share target for its fiscal third quarter to a range of 63 to 67 cents.
It forecast non-GAAP earnings per share of 68 cents to 72 cents, ahead of average estimate by analysts of 63 cents a share, according to Reuters Estimates. Seagate did not list its original earnings forecast for the period in a regulatory filing.
Seagate said it still expects revenue in a range of $3.2 billion to $3.3 billion as it expects demand in the third quarter to show normal seasonal trends. It had issued its revenue target for the quarter on January 17.
Analysts on average had expected revenue of $3.251 billion, according to Reuters Estimates.
As of February 29 it said it had bought back about 36 million shares for a total of about $784 million so far in the quarter, using the remainder of its original $2.5 billion repurchase authorization and about $310 million of a new $2.5 billion buyback program announced February 4, 2008.
(Reporting by Sinead Carew, editing by Gerald E. McCormick)
