Seagate Technology (STX-NYSE) posted earnings of $0.23 net and $0.39 non-GAAP and revenues of $3.0 Billion; estimates were $0.32 & $2.93 Billion.

For the March quarter, Seagate expects to report revenue of $2.9-3.0 billion, and diluted earnings per share of $0.56-0.60; estimates are $0.54 EPS and revenues $2.9 Billion.

For fiscal year 2007,(excluding acquisition related costs but including Maxtor’s operating results) Seagate expects $11.5-11.7 billion in revenue and $1.70-1.75 for Non-GAAP diluted earnings per share; estimates were $11.5 Billion revenues and $1.67 estimated. 

Shares are halted on Seagate, but its closest competitor is Western Digital (WDC), and its shares are up 2.5% at $20.40 after the STX earnings and after closing down 0.7% at $19.90.

Jon C. Ogg
January 23, 2007