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Exhibit 99.1

 

Media Contact:

Andrew Larg, (408) 658-1059

andrew.larg@seagate.com

SEAGATE TECHNOLOGY REPORTS FISCAL FIRST QUARTER 2019 FINANCIAL RESULTS

 

   

Revenues of $3.0 billion, up 14% year-over-year

 

   

Exabyte shipments of 98.8, up 41% year-over-year

 

   

GAAP diluted earnings per share (EPS) of $1.54, up 148% year-over-year; non-GAAP diluted EPS of $1.70, up 77% year-over-year

 

   

Free Cash Flow (FCF) of $410 million, compared with $113 million for the same period last year

CUPERTINO, CA – November 2, 2018 – Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for the quarter ended September 28, 2018.

“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. 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,” said Dave Mosley, Seagate’s chief executive officer.

Quarterly Financial Results

 

     GAAP      Non-GAAP  
     FQ1 2019      FQ1 2018      FQ1 2019      FQ1 2018  

Revenue ($M)

   $ 2,991      $ 2,632      $ 2,992      $ 2,632  

Gross Margin

     30.5%        28.0%        31.0%        29.0%  

Net Income ($M)

   $ 450      $ 181      $ 496      $ 279  

Diluted Earnings Per Share

   $ 1.54      $ 0.62      $ 1.70      $ 0.96  

In the first quarter, the Company 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.

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 Seagate’s 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 January 2, 2019 to shareholders of record as of the close of business on December 19, 2018. The payment of any future quarterly dividends will be at the discretion of the Board and will be dependent upon Seagate’s financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the Board.


The following information was filed by Seagate Technology Plc (STX) on Friday, November 2, 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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