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Seagate Technology plc (NASDAQ:STX) has raised its first-quarter EPS guidance from 90 cents to 99 cents versus the 91 cent estimate.
This update reflects the impact of a change in the estimated useful lives of Seagate's capital equipment, associated with the manufacturing of the company's products, from a range of three to five years to a range of three to seven years.
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Seagate says the estimated impact of this change reduces depreciation expense by approximately $25 million, or 9 cents per diluted share, in the first fiscal quarter.
Seagate shares were trading down 0.6% at $55.71 in Wednesday’s pre-market session. The stock has a 52-week high of $57.01 and a 52-week low of $35.38.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.