reported third-quarter earnings that beat analysts' lowered expectations, as the information storage provider expanded its product offerings during the period.
The company earned $8.4 million, or 8 cents a share, excluding restructuring charges, up from $4.7 million, or 5 cents a share, last year. Five analysts polled by
First Call/Thomson Financial
produced a consensus estimate of 3 cents a share.
Revenue fell to $486.6 million from $573.7 million in the year-ago period.
Earlier this month, StorageTek said it expected to report a profit in the third quarter, excluding restructuring charges, but warned that a parts availability problem would affect its quarterly revenue.
The company expected revenue to total $465 million to $480 million. At the time, analysts polled by First Call expected the company to earn 14 cents a share for the third quarter.