Exhibit 99.1

 

LOGO   

Investor Relations Contact:

Shanye Hudson, (408) 658-1863

shanye.hudson@seagate.com

 

Media Contact:

Andrew Larg, (408) 658-1059

andrew.larg@seagate.com

SEAGATE TECHNOLOGY REPORTS FISCAL THIRD QUARTER 2019 FINANCIAL RESULTS

 

   

Revenue of $2.31 billion

 

   

GAAP diluted earnings per share (EPS) of $0.69; non-GAAP diluted EPS of $0.83

 

   

Cash flow from operations of $438 million and free cash flow of $291 million

 

   

Returned $505 million to shareholders; declared cash dividend of $0.63 per share

CUPERTINO, CA – April 30, 2019 – Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for its fiscal third quarter ending March 29, 2019.

“Seagate executed very well in the third quarter while navigating near-term demand head-winds. Our focus on operational efficiency and expense discipline drove better-than-expected EPS and free cash flow generation,” said Dave Mosley, Seagate’s chief executive officer.

“We began shipping the industry’s first 16-terabyte high capacity drives in the fiscal third quarter and expect to ramp high volume production in the second half calendar 2019. The Data Age digital transformation has given rise to many new applications including machine learning, autonomous vehicles, and Smart Cities, which all rely on faster access to an increasing amount of data. These trends are creating significant opportunities for our mass data storage solutions and we are successfully executing our technology roadmap to address growing demand.”

Quarterly Financial Results

 

     GAAP     Non-GAAP  
     FQ3 2019     FQ3 2018     FQ3 2019     FQ3 2018  

Revenue ($M)

   $ 2,313     $ 2,803     $ 2,313     $ 2,803  

Gross Margin

     26.0     30.2     26.6     30.8

Net Income ($M)

   $ 195     $ 381     $ 235     $ 424  

Diluted Earnings Per Share

   $ 0.69     $ 1.31     $ 0.83     $ 1.46  

In the third quarter, the Company generated $438 million in cash flow from operations and $291 million in free cash flow. Year to date, the Company has generated $1.3 billion in cash flow from operations and $862 million in free cash flow. Seagate’s balance sheet is healthy and during the third quarter, the Company paid cash dividends of $178 million and repurchased 7.2 million ordinary shares for $327 million. Cash and cash equivalents totaled $1.4 billion at the end of the quarter. There were 277 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.


The following information was filed by Seagate Technology Plc (STX) on Tuesday, April 30, 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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