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Andrew Larg, (408) 658-1059
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 $113 million for the same period last year
CUPERTINO, CA November 2, 2018 Seagate Technology plc (NASDAQ: STX) (the Company or Seagate) today reported financial results for the quarter ended September 28, 2018.
In the September quarter, we achieved strong financial results in revenue, profitability and cash flow, reflecting solid execution and positive demand for our products across multiple markets. By delivering competitive cost-effective mass storage solutions, Seagate is a crucial supplier in supporting the Data Age digital transformations that are happening across the storage marketplace. We believe our deep storage industry expertise, leading technology portfolio and focused execution will continue to drive long-term success for the company and deliver value to our shareholders, said Dave Mosley, Seagates chief executive officer.
Quarterly Financial Results
|FQ1 2019||FQ1 2018||FQ1 2019||FQ1 2018|
Net Income ($M)
Diluted Earnings Per Share
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 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 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 Seagates 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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