Seagate Technology PLC Reports 81% Increase In Q1 Profit

(RTTNews) - Seagate Technology PLC (STX) revealed earnings for its first quarter that climbed from last year.

The company said its bottom line rose to $299 million, or $0.99 per share. This was higher than $165 million, or $0.54 per share, in last year's first quarter.

Analysts had expected the company to earn $0.79 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 4.4% to $2.80 billion. This was down from $2.93 billion last year.

Seagate Technology PLC earnings at a glance:

-Earnings (Q1): $299 Mln. vs. $165 Mln. last year. -Earnings Growth (Y-o-Y): 81.2% -EPS (Q1): $0.99 vs. $0.54 last year. -EPS Growth (Y-o-Y): 83.3% -Analysts Estimate: $0.79 -Revenue (Q1): $2.80 Bln vs. $2.93 Bln last year. -Revenue Change (Y-o-Y): -4.4%