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Hard drive maker Seagate Technology ( STX ) late Tuesday posted better-than-expected first quarter earnings, aided by higher margins, sending its shares higher in aftermarket trading.

The Dublin, Ireland-based company reported first quarter net income of $1.14 billion, or $2.48 per share, compared with just $93 million, or 21 cents per share, in the year-ago period. Excluding special items, adjusted profit was $2.64 per share.

Revenue surged 6% from last year to $4.45 billion.

On average, Wall Street analysts expected a much lower profit of $2.10 per share, on smaller revenue of $4.37 billion.

Seagate shares rose 87 cents, or +3.1%, in premarket trading Wednesday.

The Bottom Line
Shares of Seagate Technology ( STX ) have a 3.59% dividend yield, based on last night's closing stock price of $27.89. The stock has technical support in the $26 price area. If the shares can firm up, we see overhead resistance around the $28-$30 price levels.

Seagate Technology ( STX ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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