05:21 AM EDT, 07/24/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Seagate Technology ( STX ) shares were up 5.3% in premarket activity on Wednesday after the company overnight reported it swung into the black with sales jumping more than forecast.

The company reported fiscal Q4 non-GAAP earnings late Tuesday of $1.05 per diluted share, compared with a loss of $0.18 a year earlier.

Analysts polled by Capital IQ expected $0.75 per share.

Revenue for the quarter ended June 28 was $1.89 billion up from $1.60 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.87 billion.

For fiscal Q1, the company expects a non-GAAP EPS of $1.40 per diluted share, plus or minus $0.20. Analysts polled by Capital IQ expect $1.17 per share.

Fiscal Q1 revenue is projected at $2.10 billion, plus or minus $150 million. Analysts surveyed by Capital IQ expect $2.07 billion.

Seagate ( STX ) said it kept its quarterly cash dividend at $0.70 per share, payable Oct. 7 to shareholders of record on Sept. 23.

Price: 111.35, Change: +6.05, Percent Change: +5.32