Seagate Reports Fiscal Third Quarter 2015 Financial Results
Recently, Seagate Technology plc (NASDAQ: STX) reported financial results for the third quarter of fiscal year 2015 ending on April 3, 2015. For the third quarter, the Company reported revenue of approximately US$3.3 billion, gross margin of 28.7 percent, net income of US$291 million and diluted earnings per share of US$0.88. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 28.9 percent, net income of US$357 million and diluted earnings per share of US$1.08.
During the third quarter, the Company generated approximately US$374 million in operating cash flow, paid cash dividends of US$176 million and repurchased approximately 12 million ordinary shares for US$706 million. Year to date, the Company has returned approximately US$1.4 billion to shareholders in dividend and stock redemptions. Cash, cash equivalents, restricted cash, and short-term investments totaled approximately US$2.6 billion at the end of the quarter.
“In light of dynamic market conditions this quarter we are quite satisfied with our operational performance and ability to return value to shareholders,” said Steve Luczo, Seagate’s Chairman and CEO. “Near-term macro uncertainty is affecting certain areas of our addressable market however we remain optimistic that market demand for exabytes of storage will continue to increase over the long-term. Looking ahead, we are focused on aligning our storage technology portfolio effectively to capitalize on market growth opportunities, demonstrating operating profitability and returning value to shareholders.”
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