Friday, October 21st 2011

Seagate Technology Reports Fiscal First Quarter Financial Results

Seagate Technology plc today reported financial results for the quarter ended September 30, 2011. The company shipped 51 million disk drives and reported revenue of $2.8 billion, gross margin of 19.5%, net income of $140 million and diluted earnings per share of $0.32. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported net income of $146 million and diluted earnings per share of $0.34 for the quarter ended September 30, 2011. For a detailed reconciliation of non-GAAP to GAAP results, see accompanying financial tables.

Additionally, Seagate returned $75 million to shareholders in the form of a dividend and repurchased $128 million of ordinary shares during the first fiscal quarter.

Acquisition of Samsung's Hard Disk Drive Assets
The European Commission announced on October 19, 2011 that they have approved under the EU Merger Regulation, Seagate's proposed acquisition of Samsung's hard disk drive assets. The company will continue to work with other regulatory bodies to secure additional approvals in the coming weeks. Seagate believes the transaction will close by the end of calendar year 2011.

Investor Communications
Seagate will hold a conference call to review its first fiscal quarter today at 2:00 p.m. Pacific Time. The conference call will consist of opening comments from Steve Luczo, CEO, followed by a question and answer session with the executive management team. During today's conference call, the company will provide an update on its Thailand operations. In light of the situation in Thailand, the company will provide limited guidance for the December quarter.

Seagate has issued a Supplemental Commentary document. The Supplemental Commentary will not be read during today's call, but rather it is available in the investor relations section of seagate.com.

Dividend
The Board of Directors has approved a quarterly cash dividend of $0.18 per share which will be payable on November 18, 2011 to shareholders of record as of the close of business on November 3, 2011. 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.

For more information, visit this page.
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11 Comments on Seagate Technology Reports Fiscal First Quarter Financial Results

#1
Delta6326
more revenue than WD, but less net income
Posted on Reply
#2
FreedomEclipse
~Technological Technocrat~
bye bye samsung HDD Dept.

you made some of the best QUALITY bang for buck hard drives ive ever owned.

I refuse to touch anything seagate due to their high failure rate
Posted on Reply
#5
Radical_Edward
by: FreedomEclipse
bye bye samsung HDD Dept.

you made some of the best QUALITY bang for buck hard drives ive ever owned.

I refuse to touch anything seagate due to their high failure rate
We stopped using Seagates at work because we had to RMA too many of them, seems we'll have to stop using Samsung drives too. :(
Posted on Reply
#6
FreedomEclipse
~Technological Technocrat~
by: Radical_Edward
We stopped using Seagates at work because we had to RMA too many of them, seems we'll have to stop using Samsung drives too. :(
samsung hard drives are still safe.

But when Seagate fully takes over, it wont be worth RMA'ng them. whatever they send back will be paperweights or coasters.
Posted on Reply
#7
AsRock
TPU addict
by: FreedomEclipse
bye bye samsung HDD Dept.

you made some of the best QUALITY bang for buck hard drives ive ever owned.

I refuse to touch anything seagate due to their high failure rate
I have never had much luck with Seagate either always seem to get bad blocks all the time although still using 3 of them here and there pretty old now and all of them have bad blocks but still work still today.

Maybe this will make Seagate HDD's better :)..
Posted on Reply
#8
FreedomEclipse
~Technological Technocrat~
People used to say that WD was as bad. but WD have made some pretty reliable drives - just not as silent as some of their competitors.

I think after Samsung has fully let go of the department, the only people to turn to are WD. Purely for the lack of a better option.

-----

Forgot to say that Toshiba make some good hard drives too. My friend has one of their 1Tb models but it runs really really hot!
Posted on Reply
#9
n-ster
TBH, I've had more bad luck with WD than Seagate, but YMMV ofc
Posted on Reply
#10
micropage7
by: Radical_Edward
We stopped using Seagates at work because we had to RMA too many of them, seems we'll have to stop using Samsung drives too. :(
but so far i run seagate HDD, never experience like that, just some HDD that ages (more than 4 years) and i guess its still normal :cool:
Posted on Reply
#11
Chevalr1c
My dad has used a Compaq pc with Seagate HDD for 8 f****ng years (ok the way average user uses it and not as an enthusiast, but still) and never had a problem with it. I also have (had) 3 Seagate drives without a problem, the first being an old 2 GiB IDE drive in the 2nd hand pc I had in my secondary school days and afterwards one in my signature rig and one in another. Still work.

However I have never touched the Barracuda 7200.11 series that are rumoured to be problematic.
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