Seagate Technology PLC Q1 adjusted earnings Beat Estimates

(RTTNews) - Seagate Technology PLC (STX) released a profit for its first quarter that rose from the same period last year.

The company's earnings totaled $450 million, or $1.54 per share. This compares with $181 million, or $0.62 per share, in last year's first quarter.

Excluding items, Seagate Technology PLC reported adjusted earnings of $496 million or $1.70 per share for the period.

Analysts had expected the company to earn $1.55 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 13.7% to $2.99 billion from $2.63 billion last year.

Seagate Technology PLC earnings at a glance:

-Earnings (Q1): $496 Mln. vs. $279 Mln. last year. -EPS (Q1): $1.70 vs. $0.96 last year. -Analysts Estimate: $1.55 -Revenue (Q1): $2.99 Bln vs. $2.63 Bln last year.