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Exhibit 99.1

 

Media Contact:

Helen Farrier, +44 (0) 7500 838045

helen.farrier@seagate.com

SEAGATE TECHNOLOGY REPORTS FISCAL SECOND QUARTER 2019 FINANCIAL RESULTS

 

   

Revenue of $2.7 billion

 

   

GAAP diluted earnings per share (EPS) of $1.34; non-GAAP diluted EPS of $1.41

CUPERTINO, CA – February 4, 2019 – Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for the quarter ended December 28, 2018.

“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.

Quarterly Financial Results

 

     GAAP      Non-GAAP  
     FQ2 2019      FQ2 2018      FQ2 2019      FQ2 2018  

Revenue ($M)

   $ 2,715      $ 2,914      $ 2,715      $ 2,908  

Gross Margin

     29.2%        30.1%        29.7%        30.4%  

Net Income ($M)

   $ 384      $ 159      $ 405      $ 431  

Diluted Earnings Per Share

   $ 1.34      $ 0.55      $ 1.41      $ 1.48  

In the second quarter, the Company generated $288 million in cash flow from operations and $161 million in free cash flow. Year to date, the Company has generated $875 million in cash flow from operations and $571 million in free cash flow. Seagate’s balance sheet is healthy and during the second quarter, the Company paid cash dividends of $180 million, repurchased 3.2 million ordinary shares for $136 million and repaid $499 million of the 2018 Senior Notes. Cash and cash equivalents totaled $1.4 billion at the end of the quarter. There were 283 million ordinary shares issued and outstanding as of 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”) declared a quarterly cash dividend of $0.63 per share, which will be payable on April 3, 2019 to shareholders of record as of the close of business on March 20, 2019. 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 Monday, February 4, 2019 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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