UPDATE 1-Seagate 3rd-qtr profit beats on higher margins

* Q3 adj EPS $2.64 vs est $2.11

* Q3 rev up 63 pct at $4.45 bln (Adds analysts estimates, details on margins; updates shares)

April 17 (Reuters) - Seagate Technology Plc posted a better-than-expected third-quarter profit as strong demand for hard drives kept prices up amid recovery following the Thailand floods.

Seagate and rival Western Digital Corp were hit hard by floods in Thailand late last year, but limited hard disk drive supply has pushed prices up.

The company, reported earnings of $1.15 billion, or $2.48 per share, compared with $ 93 million, or 21 cents a share, last year.

Excluding items, it earned $2.64, above the $2.11 profit expected by analysts, according to Thomson Reuters I/B/E/S.

Revenue rose 63 percent to $4.45 billion.

Gross margin during the quarter almost doubled to 37 percent from 19 percent last year.

Seagate shares were slightly up at $28.40 in aftermarket trade. They closed at $27.89 on Tuesday on the Nasdaq. (Reporting by Himank Sharma and Chandni Doulatramani in Bangalore; Editing by Sriraj Kalluvila)