Storage Technology Corp. (StorageTek) (NYSE: STK) has raised its fourth-quarter guidance significantly, but investors want the company to show a change of direction as well (see StorageTek Raises Q4 Guidance).
StorageTek anticipates revenues will be greater than $650 million and earnings per diluted share "in excess of" 55 cents when it reports its end-of-year quarter on January 22, 2004. This compares to First Call analyst consensus of 52 cents. Previously, the company predicted revenues would be in the range of $610 million, with EPS of 50 cents.
The new guidance represents a 25 percent sequential increase in revenues and nearly a 96 percent increase in EPS compared with the company's third-quarter results (see StorageTek Boosts Q3 Profit).
StorageTek gives no reasons for its improved outlook, but analysts attribute it largely to growth in the company's tape drive sales, which accounted for about 78 percent of revenues for the first nine months of 2003. StorageTek continues to invest in tape, where it's still on track to release a high-end product in the second quarter (see StorageTek's Incredible Bulk).
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