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Andrew Larg, (408) 658-1059
SEAGATE TECHNOLOGY REPORTS FISCAL THIRD QUARTER 2018 FINANCIAL RESULTS
- Revenue up 5% year-over-year
- Exabyte shipment up 34% year-over-year
CUPERTINO, CA May 1, 2018 Seagate Technology plc (NASDAQ: STX) (the Company or Seagate) today reported financial results for the quarter ended March 30, 2018. For the third quarter, the Company reported revenue of $2.8 billion, gross margin of 30.2%, net income of $381 million and diluted earnings per share of $1.31. On anon-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 30.8%, net income of $424 million and diluted earnings per share of $1.46.
During the third quarter, the Company generated $558 million in cash flow from operations and $489 million in free cash flow. Year to date, the Company has generated approximately $1.6 billion in cash flow from operations and approximately $1.4 billion in free cash flow. Cash and cash equivalents totaled approximately $2.9 billion at the end of the quarter. There were 287 million ordinary shares issued and outstanding as of the end of the quarter.
Seagate achieved our second consecutive quarter of year-over-year revenue growth and exceeded our financial performance expectations for the March quarter, through solid execution and strong demand for our mass storage products. Looking ahead, the growing Data Age demand on storage, combined with consistent investment in our leading storage technology platforms and efficient operational capabilities, will continue to drive economic value for customers and returns for shareholders, said Dave Mosley, Seagates chief executive officer.
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 Relations 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 July 5, 2018 to shareholders of record as of the close of business on June 20, 2018. 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 fourth fiscal quarter of 2018, including key underlying assumptions.
An archived audio webcast of this event will be available on Seagates Investors Relations website at www.seagate.com/investors shortly following the event conclusion.
The following information was filed by Seagate Technology Plc (STX) on Tuesday, May 1, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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