Shares of disk drive maker Seagate Technology (STX) are up 87 cents, or 5.4%, at $16.86 after the company this evening said it expects to make $2.8 billion for the current quarter, fiscal Q2, which is above the $2.67 billion the Street has been expecting.
The company said it is still struggling with constraints upon supply of components for its drives as a result of several months of flooding in Thailand, which have affected suppliers’ operations. The company expects to ship 43 million drives this quarter, which is toward the lower end of the 40 million to 50 million range that the company forecast last month during its fiscal Q1 conference call.
Seagate said the industry will be “significantly constrained for several quarters” as a result of the floods, with 110 million to 120 million units shipped by the entire industry this quarter.
For the March-ending fiscal Q3, the company sees “at least” $3.75 billion in revenue. That is, again, ahead of the Street’s $3.44 billion estimate.
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