* Sees 4th-quarter revenue $3.3-$3.45 bln vs est $3.35 bln
* Third-quarter adjusted earnings $1.26/shr vs est $1.15/shr
* Revenue $3.53 bln vs est $3.37 bln
* Shares rise more than 5 pct in extended trade
(Adds details from conference call and CFO comment, share
By Sruthi Ramakrishnan
May 1 Hard disk drive maker Seagate Technology
Plc reported better-than-expected quarterly results on
higher sales of its internet storage devices, and said it
expects demand and pricing in the business to rise in the second
Shares of the company rose more than 5 percent in extended
"The cloud continues to build out...we are going to see a
fairly dramatic acceleration exiting this year and going into
the next calendar year...," Chief Executive Steve Luczo said on
a conference call with analysts.
"We think there's going to be some pretty tight supply
situations in the back half of the year."
Seagate and rival Western Digital Corp are tapping
into the growing demand for products that help customers store
data in the cloud and reducing their dependence on personal
computer hard drives as consumers increasingly shift to
smartphones and tablets.
More than 10 percent of the 55 million hard drives the
company shipped in the quarter were to cloud customers,
accounting for about 20 percent of revenue, Chief Financial
Officer Patrick O'Malley told Reuters.
Seagate forecast current-quarter revenue between $3.3
billion and $3.45 billion, largely above analysts' expectations
of $3.35 billion.
Western Digital last week forecast current-quarter revenue
largely above analysts' expectations on higher demand for
Seagate's net income fell to $416 million, or $1.13 per
share in the third quarter, from $1.15 billion, or $2.48 per
share, a year earlier.
Profit in the year-ago quarter was boosted by higher hard
drive prices as supply was recovering from floods in Thailand, a
major producer of electronic components.
Excluding items, the company earned $1.26 per share.
Revenue fell about 21 percent to $3.53 billion.
Analysts on average expected earnings of $1.15 per share on
revenue of $3.37 billion, according to Thomson Reuters I/B/E/S.
Seagate's shares closed at $36.94 on the Nasdaq on
Wednesday. They have risen 17 percent this year while the
broader S&P 500 Computer Storage and Peripherals sub-index
has been largely flat over the same period.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by
Rodney Joyce and Sriraj Kalluvila)