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Earnings Roundup: Seagate tops 1Q estimates

Disk-drive and software developer Seagate Technology easily topped analysts' estimates in its first quarter Tuesday, raking in $62 million, or 26 cents a share, on sales of $1.75 billion.

First Call Corp. consensus expected it to earn 21 cents a share in the quarter.

Seagate (NYSE: SEG) shares closed off $1 to $62.94 ahead of the earnings report.

The $1.75 billion in sales marks a 4 percent jump from the year-ago quarter when it earned $2 million, or 1 cent a share, on sales of $1.68 billion.

Based on generally accepted accounting principles, Seagate posted a profit of $75 million, or 31 cents a share, in the quarter.

Last quarter, Seagate beat the Street when it raked in $52 million, or 22 cents a share, on sales of $1.55 billion.

Its shares rallied up to a 52-week high of $76 in March after falling to a low of $26.56 last October.

Four of the eight analysts following the stock rate it either a "buy" or "strong buy" while the other four rate it a "hold."

Analysts expect Seagate to earn $1.11 a share in the fiscal year.