UPDATE: Seagate Posts In-Line Q4 Earnings

reported in-line earnings for the fourth quarter. The Dublin, Ireland-based company posted quarterly net earnings of $933 million, or $2.78 per share, compared to $428 million, or $1.24 per share, in the year-ago quarter. Excluding non-recurring items, the company earned $1.35 per share. Its revenue surged to $3.7 billion from $3.53 billion. However, analysts were expecting earnings of $1.35 per share on revenue of $3.74 billion. The company's board approved a quarterly cash dividend of $0.54 per share. During the second quarter, Seagate paid cash dividends of $177 million and repurchased approximately 0.3 million ordinary shares for $18 million. “Seagate's second fiscal quarter performance is the result of consistent execution and our solid competitive positioning in the storage technology marketplace,” said Steve Luczo, Seagate's chairman and chief executive officer. “In addition, our cash flow generation remains strong as we continue to effectively balance investing in our business with returning capital to shareholders.” Seagate shares fell 3.09% to $62.00 in pre-market trading.