Seagate Technology Plc (STX) Shares Rise After Company announces Preliminary Q2 Fiscal 2012 Financial Results

Shares of Seagate Technology Plc (NASDAQ: STX), a designer, manufacturer, marketer and seller of hard disk drives, are climbing in today’s trading after the company announced its preliminary second-quarter fiscal 2012 financial results.Seagate shares rose to an intra-day high of $18.27, and at last check, the stock was trading 5.23% higher at $17.70, with volume up from daily average of 7.46 million to 15.58 million.



Seagate said that it shipped approximately 47 million disk drives during the quarter. As a result, the company now expects second-quarter revenue to come in between $3.1 billion and $3.2 billion. The company also closed the acquisition of Samsung Electronics Co. Ltd.’s hard disk drive business during the quarter. The preliminary financial results include Samsung operating activity from December 19, 2011, the day company closed the acquisition.



Steve Luczo, chairman and CEO of Seagate, said that the better than expected results for the December quarter are attributed to the company’s outstanding operational performance and overall strong execution. Luczo further said that due to the company’s best-in-class operations, diversified supply-chain and differentiated manufacturing footprint, it continuously optimized its builds for customers during the quarter.

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