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Seagate Technology guides fiscal 1Q below Street

AP ONLINE

Posted: 2008-07-15 19:07:00

NEW YORK (AP) _ Hard-drive maker Seagate Technology guided its fiscal first-quarter profit well below Wall Street's expectations on Tuesday.

For the fiscal first quarter ending in September, the company expects to earn 18 cents to 22 cents per share on revenue of $3.15 billion to $3.3 billion.

Excluding certain items, Seagate expects a profit of 22 cents to 26 cents per share.

Analysts polled by Thomson Financial expected, on average, earnings of 58 cents per share — with per-share estimates as high as 69 cents and as low as 44 cents — on revenue of $3.23 billion. Analysts typically exclude one-time charges.

"Financial performance improvement will be incremental as the company implements numerous changes across the business during the first half of the fiscal year," the company said in a release.

Shares sank $1.80, or 10 percent, to $15.50 in aftermarket trading Tuesday.