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By | Kelly Fiveash 4th March 2008 15:51

Seagate drives up Q3 profit forecast

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Hard disk drive maker Seagate Technology today plumped up its profit expectations for the last quarter.

The California-based firm attributed the profitability forecast to a favourable mix of its enterprise and consumer drives and to marginally higher than expected pricing.

Seagate said in a regulatory filing that it had pushed its earnings per share target up for the company's third quarter ended 31 March 2008 to a range of 63 to 67 cents, while it expects non-GAAP earnings per share of 68 cents to 72 cents.

The firm reiterated that revenue would be in line with expectations of between $3.2bn and $3.3bn, but added that its final Q3 financial results were dependent on the outcome of "demand and pricing during the remainder of March".

Seagate also noted that, as of 29 February 2008, it had repurchased 36 million shares during the quarter so far for a total of about $784m.

It said it used the remainder of its original $2.5bn repurchase authorisation and about $310m of a new $2.5bn buyback programme, which the firm announced early last month. ®

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