reported a better-than-expected quarter Tuesday after the bell and offered analysts sunny guidance for its current period.
The Scotts Valley, Calif.-based company earned $144 million, or 29 cents a share, in sales of $1.85 billion in its fiscal second quarter. Sales were up, but earnings were off from the year-ago period, when the company posted profits of $205 million, or 41 cents a share, on $1.76 billion in revenue.
But the company's most recent results were well ahead of the Street's expectations and the company's updated guidance.
Analysts canvassed by Thomson First Call were expecting the company to earn 24 cents a share on $1.77 billion in sales. Last month, in an earnings update, the company predicted it would earn 22 cents a share on sales of about $1.76 billion.
In its fiscal third quarter, Seagate expects to earn 29 cents to 33 cents a share, excluding any possible restructuring charges, on sales ranging from $1.84 billion to $1.87 billion.
The Street consensus for the current quarter was 23 cents a share in earnings on $1.77 billion in sales.
At the close of regular trading, Seagate's shares were up 53 cents, or 3%, to $18.35.