Tax Break Beefs Up Seagate's Profits

Hard-disk drive maker Seagate (STX Quote) on Thursday posted a rise in fourth-quarter net income thanks to a gain from a one-time tax benefit.

Seagate reported a profit of $541 million, or 96 cents a share, vs. $7 million, or a penny a share, during the same quarter last year.

This year's net income includes certain one-time charges from the Maxtor acquisition as well as a tax gain of $359 million. It's not immediately clear what Seagate's earnings per share would have been without this tax gain. ...