Thursday, April 27th 2017
Seagate Technology Reports Fiscal Third Quarter 2017 Financial Results
Seagate Technology plc today reported financial results for the third quarter of fiscal year 2017 ended March 31, 2017. For the third quarter, the Company reported revenue of $2.7 billion, gross margin of 30.5%, net income of $194 million and diluted earnings per share of $0.65. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 31.4%, net income of $329 million and diluted earnings per share of $1.10.
During the third quarter, the Company generated $426 million in cash flow from operations, paid cash dividends of $186 million, and successfully raised $1.25 billion in investment grade debt. Cash, cash equivalents, and short-term investments totaled approximately $3.0 billion at the end of the quarter. There were 297 million ordinary shares issued and outstanding as of the end of the quarter.
"The results of our financial performance this quarter reflect a stable demand environment, good operational execution and momentum in the stabilization of our business model," said Steve Luczo, Seagate's chairman and chief executive officer. "With a market-leading and cost-efficient storage solution portfolio, Seagate is well positioned to support our existing and new customers in a world of accelerated data creation and increased storage needs driven by emerging technologies and new business models. We will continue to focus on future growth opportunities, generating profits and building lasting value for our shareholders."
Quarterly Cash Dividend
The Board of Directors of the Company (the "Board") has approved a quarterly cash dividend of $0.63 per share, which will be payable on July 5, 2017 to shareholders of record as of the close of business on June 21, 2017. 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.
Visit the Seagate Investor Relations page for data.
During the third quarter, the Company generated $426 million in cash flow from operations, paid cash dividends of $186 million, and successfully raised $1.25 billion in investment grade debt. Cash, cash equivalents, and short-term investments totaled approximately $3.0 billion at the end of the quarter. There were 297 million ordinary shares issued and outstanding as of the end of the quarter.
"The results of our financial performance this quarter reflect a stable demand environment, good operational execution and momentum in the stabilization of our business model," said Steve Luczo, Seagate's chairman and chief executive officer. "With a market-leading and cost-efficient storage solution portfolio, Seagate is well positioned to support our existing and new customers in a world of accelerated data creation and increased storage needs driven by emerging technologies and new business models. We will continue to focus on future growth opportunities, generating profits and building lasting value for our shareholders."
Quarterly Cash Dividend
The Board of Directors of the Company (the "Board") has approved a quarterly cash dividend of $0.63 per share, which will be payable on July 5, 2017 to shareholders of record as of the close of business on June 21, 2017. 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.
Visit the Seagate Investor Relations page for data.
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