Seagate released financials today

Seagate Technology today reported financial results for the quarter ended September 28, 2012.

During the first quarter, on a GAAP basis the company reported revenue of approximately $3.7 billion, gross margin of 28.4 per cent, net income of $582 million and diluted earnings per share of $1.42. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 29.0 per cent, net income of $594 million, and diluted earnings per share of $1.45.

In the September quarter, Seagate generated approximately $1.1 billion in cash from operations, paid cash dividends of $127 million and redeemed approximately 20.5 million ordinary shares or approximately 5% of ordinary shares at the beginning of the fiscal quarter for approximately $669 million. During the nine months ended September 28, 2012, Seagate redeemed approximately 109 million ordinary shares, resulting in an approximate reduction of 17 per cent of the Company’s share count. Cash, cash equivalents, restricted cash, and short-term investments totaled approximately $2.5 billion at the end of the first quarter, a sequential increase of approximately $259 million.

Steve Luczo, Seagate chairman and CEO, Seagate continues to adapt to dynamic industry conditions, managing inventory and demand with our customers while maintaining investments in our technology portfolio that will position us for continued success in the marketplace over the long-term. Returning value to shareholders remains a top priority with over 70 per cent of our operating cash flow going towards share redemptions and dividends this quarter.

Would you recommend this article?

Share

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.


Jim Love, Chief Content Officer, IT World Canada

Featured Download

CDN Staff
CDN Staffhttps://channeldailynews.com
For over 25 years, CDN has been the voice of the IT channel community in Canada. Today through our digital magazine, e-mail newsletter, video reports, events and social media platforms, we provide channel partners with the information they need to grow their business.

Related Tech News

CDN in your inbox

CDN delivers a critical analysis of the competitive landscape detailing both the challenges and opportunities facing solution providers. CDN's email newsletter details the most important news and commentary from the channel.