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 - Get Report), 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