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Last Update: 21-Oct-11 10:54 ET
Seagate Tops First Quarter Earnings Expectations
Seagate (STZ $20.19 +0.09) reported first quarter earnings of $0.34 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.31.
Revenues rose 4.2% year/year to $2.81 billion versus the $2.9 billion consensus.
The company announces the European Commission announced on October 19, 2011 that they have approved under the EU Merger Regulation, Seagate's proposed acquisition of Samsung's hard disk drive assets. The company will continue to work with other regulatory bodies to secure additional approvals in the coming weeks. Seagate believes the transaction will close by the end of calendar year 2011.
Revenues rose 4.2% year/year to $2.81 billion versus the $2.9 billion consensus.
The company announces the European Commission announced on October 19, 2011 that they have approved under the EU Merger Regulation, Seagate's proposed acquisition of Samsung's hard disk drive assets. The company will continue to work with other regulatory bodies to secure additional approvals in the coming weeks. Seagate believes the transaction will close by the end of calendar year 2011.
