Imation Sees Stronger First Quarter

The data storage company expects higher revenue and stronger earnings than its previous guidance.

Author:: Michael Dunn
Publish date:: Apr 12, 2002 11:13 AM EDT

Imation

(IMN)

said its first-quarter results would be stronger than previously thought due to improvements in consumer sectors of data storage.

The company now expects to report operating earnings nearly double the $11.8 million posted in the year ago quarter, with earnings per share in the range of 44 cents to 48 cents, up from 25 cents in the year ago period. Previously, Imation had said the quarter would be flat to slightly up from last year.

Revenues are now expected to be up about 15% to $250 million in the data storage sector over the $219.6 million the company reported last year.

In a press release, the company said that while it is pleased with the strong first quarter, it has not yet changed its outlook for the full year. Previously, the company said it expected full year operating income growth of 5% to 10% on revenue of $920 million to $937 million.

Shares of Imation closed at $26.63 Thursday before the news.