Seagate Shares Rise on Earnings Beat

Published on: 04 Feb, 2019

Seagate Technology PLC (NASDAQ: STX) reported its second quarter financial results for fiscal 2019 after market close on Monday. The Company topped earnings estimates, which sent shares 3.5% higher during extended trading hours.

For the second quarter, Seagate reported net income of USD 384 Million or USD 1.34 per share, compared to USD 159 million or USD 55 cents per share a year ago.

Adjusted earnings were USD 1.41 per share on revenue of USD 2.72 Billion. FactSet analysts expected earnings of USD 1.27 per share on revenue of USD 2.71 Billion.

Revenue declined compared to its previous number of USD 2.91 Billion a year-ago during the same quarter.

Seagate generated $288 million in cash flow from operations and USD 161 Million in free cash flow. Year to date, the Company has generated USD 875 Million in cash flow from operations and USD 571 Million in free cash flow.

The Board of Directors also declared a quarterly cash dividend of USD 0.63 cents per share, which will be payable on April 3, 2019 to shareholders of record as of the close of business on March 20, 2019.

“In the December quarter, we executed well against a more challenging demand environment and delivered solid financial results reflecting strong operational efficiency. While there are market and geo-political uncertainties impacting the storage industry, our belief in the long-term growth of data creation and storage demand remains unchanged. By delivering competitive cost-effective mass storage solutions, Seagate enables the Data Age digital transformations for businesses across many industries. Our deep storage industry expertise and leading technology portfolio will continue to drive long-term success for the company and deliver value to our shareholders,” said Dave Mosley, Seagate’s Chief Executive Officer.

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