SEAGATE REPORTS FISCAL Q’ 1, 2019 FINANCIAL RESULTS

12th November 2018 | By Mouseworld Now Correspondent |

Seagate logo
CUPERTINO, CA – November 12, 2018 – Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for the quarter ended September 28, 2018.

Dave Mosley, Seagate’s chief executive officer, said, “In the September quarter, we achieved strong financial results in revenue, profitability and cash flow, reflecting solid execution and positive demand for our products across multiple markets. By delivering competitive cost-effective mass storage solutions, Seagate is a crucial supplier in supporting the Data Age digital transformations that are happening across the storage marketplace.”

Seagate reported revenues of $3.0 billion, up 14% year-over-year. The memory major had a reported Exabyte shipments of 98.8, up 41% year-over-year. Its GAAP diluted earnings per share (EPS) of $1.54, are also up 148% year-over-year; whereas the non-GAAP diluted EPS of $1.70 are up 77% year-over-year.

The company’s Free Cash Flow (FCF) touched $410 million, compared with $113 million for the same period last year.

“We believe our deep storage industry expertise, leading technology portfolio and focused execution will continue to drive long-term success for the company and deliver value to our shareholders,” added Mosley.

In the first quarter, Seagate generated $587 million in cash flow from operations and $410 million in free cash flow, paid cash dividends of $181 million and repurchased 3 million ordinary shares for $150 million. Cash and cash equivalents totaled $1.9 billion at the end of the quarter.

Seagate has issued a Supplemental Financial Information document on its Investors Relations website.

The Board of Directors of Seagate has approved a quarterly cash dividend of $0.63 per share, which will be payable on January 2, 2019 to shareholders of record as of the close of business on December 19, 2018.

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