Seagate announced on Monday that its CFO David Morton resigned to take up a new position with another company. The manager’s departure was reported in the fourth quarter, along with Seagate’s financial results, which exceeded market expectations.
The famous storage vendor reported net income of $461 million, or $1.57 per share, on sales of $2.8 billion in the fourth quarter. Non-GAAP earnings per share for the quarter were $1.62.
Wall Street expected Seagate to report non-GAAP earnings of $1.45 per share on sales of $2.8 billion, so things went better than expected. In pre-market trading, shares rose by more than four percent.
Seagate said sales for its hard drive portfolio were $2.65 billion in the fourth quarter compared to $2.2 billion in the prior year. The majority of hard disk sales went to OEMs. Sales of enterprise systems, Flash, and other manufacturer categories were $183 million.
Seagate seems to be having a good time, sales seem to be selling at a good pace, and this is reflected in ever better financial results.
We have achieved our third consecutive quarter of year-on-year revenue growth and exceeded our financial performance expectations for both the June quarter and the current fiscal year,” said Dave Mosley, Chief Executive Officer of Seagate.