Exhibit 99.1

 

LOGO

Investor Relations Contact:

Shanye Hudson, (408) 658-1863

shanye.hudson@seagate.com

Media Contact:

Gregory Belloni, (408) 658-1018

gregory.belloni@seagate.com

SEAGATE TECHNOLOGY REPORTS FOURTH QUARTER FISCAL YEAR 2019 FINANCIAL RESULTS

Fiscal Q4 2019 Highlights

 

   

Revenue of $2.37 billion

 

   

GAAP diluted earnings per share (EPS) of $3.54; reflects a one-time deferred tax benefit of $702 million

 

   

Non-GAAP diluted EPS of $0.86

 

   

Cash flow from operations of $448 million and free cash flow of $297 million

 

   

Repurchased 7.8 million shares for $350 million

 

   

Declared cash dividend of $0.63 per share

Fiscal Year 2019 Highlights

 

   

Revenue of $10.4 billion

 

   

GAAP diluted EPS of $7.06

 

   

Non-GAAP diluted EPS of $4.82

 

   

Cash flow from operations of $1.8 billion and free cash flow of $1.2 billion

 

   

Returned $1.7 billion to shareholders through dividends and share repurchases

CUPERTINO, CA – August 2, 2019 – Seagate Technology plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for its fiscal fourth quarter and fiscal year ended June 28, 2019.

“We continued to execute well in the June quarter in the midst of an uncertain global environment. We once again delivered on all of our financial expectations, while driving higher operating profit and earnings per share quarter-over-quarter, and demonstrating our ongoing focus on optimizing free cash flow,” said Dave Mosley, Seagate’s chief executive officer.

“As we enter our next fiscal year, global industry conditions have started to improve, particularly among cloud and hyperscale customers. Seagate is in a strong strategic position to address growing demand for mass storage. In March, we began shipping the industry’s highest capacity 16 terabyte drives. Qualifications are progressing well and we remain on track to ramp production in order to meet future demand. We have also begun to qualify our dual-actuator technology with multiple customers, which doubles drive performance while maintaining the same capacity. Seagate’s strong technology pipeline continues to deliver efficient and cost-effective solutions for customers to manage ever-increasing amounts of data.”

Quarterly Financial Results

 

     GAAP     Non-GAAP  
     FQ4 2019     FQ4 2018     FQ4 2019     FQ4 2018  

Revenue ($M)

   $ 2,371     $ 2,835     $ 2,371     $ 2,835  

Gross Margin

     26.3     31.9     26.8     32.4

Net Income ($M)

   $ 983     $ 461     $ 239     $ 475  

Diluted Earnings Per Share

   $ 3.54     $ 1.57     $ 0.86     $ 1.62  


The following information was filed by Seagate Technology Plc (STX) on Friday, August 2, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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