Disk drive unit shipments helped Seagate Technology achieve revenue of US$2.35 billion in the fourth quarter ended July 3. The manufacturer sold 40.6 million disk drive units but also reported a net loss of $81 million and net loss per share of $0.16.
The results for the quarter include $21 million of purchased intangibles amortisation and other acquisition charges plus $85 million of restructuring and related depreciation charges. These charges amounted to $106 million or $0.22 per share.
Seagate CEO Steve Luczo says the company is seeing signs that storage markets are improving.
“Our approach to the September quarter with respect to our production volumes and product mix is to continue to manage our factories with an intense focus on maximising our return on invested capital while satisfying our customers’ requirements.”
For the fiscal year ended July 3, the company reported disk drive unit shipments of 163.8 million, revenue of 9.8 million, a net loss of 3.1 billion, and net loss per share of $6.32. The financial results for the fiscal year include $77 million of purchased intangibles amortisation and other acquisition charges along with charges related to restructuring of $266 million.
Seagate also incurred charges of $271 million relating to the valuation allowance of the company’s deferred tax assets and $2.3 billion due to the write off of assets.
The impact of these charges meant a $2.9 billion reduction in earnings.