STX beats by .11 and Guides Q2 higher
Just Reported Q1 (Sep) earnings of $0.58 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.47; revenues fell 12.2% year/year to $2.66 bln vs the $2.62 bln consensus. Seagate Tech reports gross margin 24.5% vs 23.3% consensus. Co issues upside guidance for Q2, sees Q2 revs of $2.75-2.85 bln vs. $2.75 bln consensus. For the December quarter, the company is planning for the overall industry demand for disk drives to be 153-160 million units.
STX is trading at only $15.59 and expected to earn over $2+ EPS next year.
Thats one cheap looking stock. Would not be surprised if this runs to $30+ in next 6 months.