For the March quarter, the company sees revenue of $2.9 billion to $3 billion, with pro forma profits of 56-60 cents a share; the Street has been at $2.89 billion and 53 cents.
For fiscal 2007 ending in June, Seagate sees revenue of $11.5 billion to $11.7 billion, and pro forma net income of $1.70-$1.75 a share; that compared with Street estimates of $11.5 billion and $1.67 a share. The company also said it is “on a path to further increase profitability in the traditionally slower back half of the year.”
“The company’s market presence and visibility has never been stronger,” CEO Bill Watkins said in the earnings announcement. “We have laid the foundation for continued success and growing profitability in 2007."
The company also said it bought back 23 million shares in the fourth quarter, and has since bought back another 13 million shares.
In after hours trading, Seagate shares were up $1.22 at $27.40.
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