Seagate Technology Beats Analysts' 1Q Expectations - TheStreet

Seagate Technology

(SEG)

reported first-quarter earnings that beat analysts' expectations by 5 cents a share.

The company said income for the first quarter ended Sept. 29 was $62 million, or 26 cents a share, excluding gains on the sale of investments in equity securities. According to a

First Call/Thomson Financial

survey, six analysts expected Seagate to earn 21 cents a share for the quarter. Seagate earned 7 cents a share in the year-ago period.

Revenue for the period rose 4% to $1.75 billion from $1.68 billion last year.

Seagate said in March it planned to take itself private through a transaction with

Veritas Software

(VRTS) - Get Report

and

Silver Lake Partners

.