Categories AlphaGraphs, Earnings, Technology

Seagate beats Q3 earnings estimates but misses on revenue

Seagate Technology plc (NASDAQ: STX) surpassed earnings expectations for the third quarter of 2019 while revenues fell short of estimates. Shares jumped 5.9% in morning hours on Tuesday.

Revenues totaled $2.31 billion, down 17% from the year-ago quarter. GAAP net income was $195 million, or $0.69 per share, compared to $381 million, or $1.31 per share, in the prior-year period. Adjusted net income amounted to $235 million, or $0.83 per share.

Seagate reports third quarter 2019 earnings results

CEO Dave Mosley said, “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.”

During the quarter, the company paid cash dividends of $178 million and repurchased 7.2 million shares for $327 million. Cash and cash equivalents totaled $1.4 billion at the end of the quarter.

Seagate declared a quarterly cash dividend of $0.63 per share, payable on July 3, 2019 to shareholders of record as of June 19, 2019.

For the fourth quarter of 2019, the company expects revenue of approx. $2.32 billion and adjusted EPS of approx. $0.83.

 

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Tyson Foods (TSN) Q1 2023 Earnings: Key financials and quarterly highlights

Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per

After weak start to 2023, Apple (AAPL) sees some bright spots

Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the

Earnings: Qualcomm (QCOM) Q1 profit falls on lower revenues

Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top