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Hutchinson Issues Revenue Warning, Loses Seagate Biz

April 3, 2009
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Hutchinson Technology (HTCH) shares have collapsed after the company disclosed that Seagate (STX) intends to phase out the purchase of suspension assemblies from the company. Hutchinson says the change will occur over 18-24 months. In the March quarter, Hutchinson said, Seagate was about 19 percent of sales.

The disk-drive component supplier also warned that March quarter results disappointed. The company said it shipped 107 million suspension assemblies in its fiscal second quarter ended March 20, down from 155 million in the December quarter. Combined shipments for the mobile and enterprise segments were down more than 50 percent sequentially, while shipments for the 3.5-inch ATA segment increased sequentially.

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