Today Seagate Technologies reported its earning for the first quarter of its 2018 financial year. While the past few earnings had been a bit of a disappointment for the company this time they seemed to beat estimates. After reporting their earning the company saw its stock jump as high as 15%, or as high as $40.53 this morning, the highest it has been since June.
Image courtesy of Google Finance
Looking at the numbers, Seagate is reporting a revenue of $2.6 billion, up from last quarter’s $2.4 billion but down from the same time last year when it was $2.8 billion. The company is reporting a GAAP net income of $181 million (or a diluted EPS of $0.62) up from last quarter's $114 million or $0.38 EPS and up from the same time last year where it was $167 million. On the non-GAAP end of net income, the company saw $279 million ($0.96 EPS) up considerably from last quarter's $119 million (or a diluted EPS of $0.65). Gross margin was 28% GAAP and 29% non-GAAP, both up over the past few quarters. Cash flow from operations was $237 million down slightly from $243 million in the last quarter.
Seagate also reported that it had returned approximately $350 million to shareholders in the form of dividends and share repurchases. With the numbers reported today, cash and cash equivalents totaled approximately $2.3 billion.
Seagate has been a bit slow getting into the market on the flash side of things (though they are in the process of rectifying that). On the HDD side of things the company is in a good position to take advantage of everyone under the sun looking for ways to store more data for it valuable insights. Seagate shipped 70.3 exabytes for of drives with the average capacity of 1.9TB, just in this last quarter.
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