Seagate Technology plc (NASDAQ: STX) today reported financial results for the quarter ended December 28, 2012. During the fiscal second quarter, the Company reported revenue of approximately $3.7 billion, shipping 58 million units. On a GAAP basis, Seagate reported gross margin of 27.0%, net income of $492 million and diluted earnings per share of $1.30. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 27.6%, net income of $523 million and diluted earnings per share of $1.38. Cash flow from operations in the quarter was $844 million and the Company returned $1.1 billion to shareholders in dividends and share redemptions. Cash, cash equivalents, restricted cash, and short-term investments totaled approximately $2.0 billion at the end of the fiscal second quarter.
"Seagate is executing well in an environment where customer demand forecasting is challenging," said Steve Luczo, Seagate's chairman, president and chief executive officer. "Looking ahead, we will continue to manage our business conservatively to the demand environment, focus on profitability and effectively invest for market leadership in storage for mobility, cloud and open source. Creating value for shareholders remains a top priority, and in the first half of fiscal 2013, we returned over 95% of operating cash flows through share redemptions and dividends."
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 investors section of seagate.com.
Quarterly Cash Dividend
The Board of Directors approved an increase in our quarterly cash dividend to $0.38 per share which was paid on December 28, 2012, rather than in the March 2013 quarter. 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.
Seagate management will hold a public webcast today at 2:00 p.m. Pacific Time that can be accessed on its Investor Relations website at http://www.seagate.com/investors. During today's webcast, the Company will provide an outlook for its third fiscal quarter of 2013 including key underlying assumptions.
A replay will be available beginning today at approximately 6:00 p.m. Pacific Time at http://www.seagate.com/investors.
Latest News Posts
- Xbox boss: 'We aren't motivated by beating Sony'
- ARK: Survival Evolved developer has no ETA on DX12 patch
- The Witcher 3 receives a new 15GB patch, with a 13-page changelog
- Uber hack in early 2014 allegedly traced back to the CTO of Lyft
- Light's new camera has 16 camera sensors, takes 52-megapixel photos
- Kingwin Power Dock PD-2537U3 Dual-Bay Clone Storage Station Review
- GA-X58A-UD3R Rev1 SSD Boot Order Issue.
- Help Updating GA-X58A-UD3R Rev2.0 Bios
- Got a Gaming 9 ACK X99S MSI MB to trade ..
- Bootloop Issue with GA-Z97N-WiFi even after RMA
- EVGA Gives Away Free Cooler Shroud Replacement to its HYBRID Series Owners
- Shuttle Offers Value Priced XPC Nano Small Form Factor PC
- MSI Announces the DS502 7.1 Gaming Headset with Active Noise-Cancelation
- Netgear Introduces Quad-Mode Business-Class Wireless-AC Access Points
- Nokia announces planned leadership and organizational structure for combined Nokia and Alcatel-Lucent