The hard-drive specialist, which announced its preliminary results earlier this month, reported revenue of $4.48 billion, up from $2.86 billion in the prior year's quarter, but below analysts' estimate of $4.56 billion.
Excluding items, Seagate earned $2.41 a share, up from 28 cents a share in the same period last year. Analysts surveyed by Thomson Reuters were looking for earnings of $2.51 a share.
Seagate's fourth-quarter gross margin was 33.1%, or 33.6% excluding items."As we announced previously, we were disappointed not to meet our revenue and margin plan for the fourth quarter as a result of the industry's faster recovery from the supply chain disruption and an isolated supplier issue that we experienced," said Steve Luczo, Seagate's CEO, in a statement released after the market close. Nonetheless, the CEO cited Seagate's record revenue and unit shipments for the June quarter. Seagate, which competes with Western Digital (WDC), said its board has approved a dividend of 32 cents a share, a 28% increase. The dividend will be payable on Aug. 29. Investors, however, were unmoved by the dividend news, pushing Seagate's shares down 3.5% to $29.37 in extended trading. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV