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Seagate Technology Reports Fiscal Third Quarter 2013 Financial Results

Discussion in 'News' started by btarunr, May 2, 2013.

  1. btarunr

    btarunr Editor & Senior Moderator Staff Member

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    Seagate Technology plc. today reported financial results for the quarter ended March 29, 2013. During the fiscal third quarter, the Company reported revenue of approximately $3.5 billion, gross margin of 26.9%, net income of $416 million and diluted earnings per share of $1.13. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 27.6%, net income of $464 million and diluted earnings per share of $1.26.

    The Company generated $678 million in operating cash flow, repurchased three million ordinary shares for approximately $102 million and paid $379 million for the early redemption of long-term debt. For the first nine months of the fiscal year, the Company has returned 75% of its operating cash flow to shareholders in dividends and share redemptions. Cash, cash equivalents, restricted cash, and short-term investments totaled approximately $2 billion at the end of the fiscal third quarter.

    "Seagate's operational results this quarter again reflect strong execution," said Steve Luczo, Seagate's chairman, president and chief executive officer. "The continued advancement of cloud, mobile and open source computing are trends that are shifting data volumes toward personal and corporate cloud environments, creating tremendous opportunities for Seagate's leading storage technology portfolio. Looking ahead, our top priorities are focused on the efficiency of our operations, extending our leadership in storage technology innovation and returning value to shareholders."

    For a detailed reconciliation of GAAP to non-GAAP results, see accompanying financial tables.

    Seagate has issued a Supplemental Commentary document, which will not be read during today's call, but is available in the "Investors" section of seagate.com.

    Quarterly Cash Dividend
    The Board of Directors has approved a quarterly cash dividend of $0.38 per share, which will be payable on May 29, 2013 to shareholders of record as of the close of business on May 15, 2013. 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.

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