Seagate just short of revenue mark again for fiscal Q1

Summary:With the earnings announcement bumped back to Halloween, Seagate's first quarter earnings are more of a trick than a treat.

Albeit a day later than originally planned , Seagate reported first fiscal quarter earnings before the bell on Wednesday morning.

Unfortunately, similar to results posted for the fourth fiscal quarter , Seagate came up slightly short again on the revenue target.

The hard drive maker reported first fiscal quarter earnings of $582 million, or $1.42 a share (statement). Non-GAAP earnings were $1.45 a share on a revenue of $3.7 billion.

Wall Street was expecting Seagate to report a revenue of $3.75 billion with earnings of $1.45 per share.

Seagate chairman and chief executive officer Steve Luczo put a more positive spin on the quarter in prepared remarks:

Seagate continues to adapt to dynamic industry conditions, managing inventory and demand with our customers while maintaining investments in our technology portfolio that will position us for continued success in the marketplace over the long-term. Returning value to shareholders remains a top priority with over 70% of our operating cash flow going towards share redemptions and dividends this quarter.

Although it wasn't mentioned in the statement, Seagate reportedly shipped 57.6 million units during the September quarter.

To recap, Seagate originally scheduled its Q1 FY 2013 earnings release for Tuesday. But the Cupertino, Calif.-based company issued a brief statement yesterday that it would be bumping that announcement back to Halloween "due to the impact of the storm on the East Coast of the United States."

The financial markets in New York City reopened on Wednesday morning -- the first day of trading since Friday due to Hurricane Sandy.

Topics: Tech Industry, Hardware

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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