Seagate Technology releases fiscal third quarter 2015 financial results

April 21, 2015 | 14:00

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Seagate Technology plc, a US-based data storage company, yesterday reported financial results for the third quarter of fiscal year 2015 ended April 3, 2015.

For the third quarter, the company reported revenue of approximately $3.3 billion, gross margin of 28.7 per cent, net income of $291 million and diluted earnings per share of $0.88.

On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 28.9 per cent, net income of $357 million and diluted earnings per share of $1.08.

During the third quarter, the company generated approximately $374 million in operating cash flow, paid cash dividends of $176 million and repurchased approximately 12 million ordinary shares for $706 million.

Year to date, Seagate has returned approximately $1.4 billion to shareholders in dividend and stock redemptions. Cash, cash equivalents, restricted cash, and short-term investments totalled approximately $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 chief executive officer.

“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 capitalise on market growth opportunities, demonstrating operating profitability and returning value to shareholders,” Luczo added.

The Board of Directors has approved a quarterly cash dividend of $0.54 per share, which will be payable on May 15, 2015 to shareholders of record as of the close of business on May 1, 2015.

By By Mai Thuy

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