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Eric DeRitis (408) 658-1561
SEAGATE TECHNOLOGY REPORTS FISCAL FOURTH QUARTER AND FISCAL YEAR 2016 FINANCIAL RESULTS
CUPERTINO, CA August 2, 2016 Seagate Technology plc (NASDAQ: STX) (the Company or Seagate) today reported financial results for the quarter and fiscal year ended July 1, 2016. For the fourth quarter, the Company reported revenue of $2.7 billion, gross margin of 24.9%, net income of $70 million and diluted earnings per share of $0.23. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 25.8%, net income of $207 million and diluted earnings per share of $0.69.
During the fourth quarter, the Company generated $269 million in operating cash flow and paid cash dividends of $188 million.
For the fiscal year ended July 1, 2016, the Company reported revenue of $11.2 billion, gross margin of 23.4%, net income of $248 million and diluted earnings per share of $0.82. On a non-GAAP basis, Seagate reported gross margin of 24.6%, net income of $684 million and diluted earnings per share of $2.26.
In fiscal year 2016, the Company generated approximately $1.7 billion in operating cash flow and paid cash dividends of $727 million. Cash, cash equivalents, restricted cash, and short-term investments totaled approximately $1.1 billion at the end of the fiscal year. There were 299 million ordinary shares issued and outstanding as of the end of the fiscal year.
I am proud of our resilient operational performance and financial discipline through the dynamic technology shifts taking place in our industry, said Steve Luczo, Seagates chairman and chief executive officer. I am confident of the Companys long-term sustainability and prosperity in a world of significant data creation and high-capacity storage demand driven by emerging technologies, and cloud infrastructure deployments. We believe we have the leading storage technology product portfolio, technology roadmap and operational leverage to ensure we are well-positioned for long-term success and shareholder value.
For a detailed reconciliation of GAAP to non-GAAP results, see accompanying financial tables.
Seagate has issued a Supplemental Financial Information document, which is available on Seagates Investors website at www.seagate.com/investors.
Quarterly Cash Dividend
The Board of Directors of the Company (the Board) has approved a quarterly cash dividend of $0.63 per share, which will be payable on October 5, 2016 to shareholders of record as of the close of business on September 21, 2016. The payment of any future quarterly dividends will be at the discretion of the Board and will be dependent upon Seagates financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the Board.
Seagate management will hold a public webcast today at 6:00 a.m. Pacific Time that can be accessed on its Investor Relations website at www.seagate.com/investors. During todays webcast, the Company will provide an outlook for its first fiscal quarter of 2017, including key underlying assumptions.
The following information was filed by Seagate Technology Plc (STX) on Tuesday, August 2, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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