Seagate Reports 3Q19 Earnings

Seagate Technology has released their financial results for the third quarter ended December 29, 2019. Like in the previous quarter, the company saw lower numbers in general this quarter compared to last or this time in the previous year. The company’s stock is down overall throughout the quarter.

Seagate Technology has released their financial results for the third quarter ended December 29, 2019. Like in the previous quarter, the company saw lower numbers in general this quarter compared to the last quarter or this time in the previous year. The company’s stock is also down overall throughout the quarter.

Looking at the numbers for the 3rd quarter, Seagate is reporting revenue of $2.313 billion, down from last quarter’s $2.715 billion and down 19% from the same time last year. The company is reporting a GAAP net income of $195 million (or $0.69 diluted earning per share), which was down from $381 million reported last year at the same quarter. For non-GAAP net income, Seagate saw $235 million (or $0.83 diluted EPS) a drop from $424 million or $1.46 EPS in year over year. Seagate is reporting gross margin of 26.0% GAAP and 26.6% non-GAAP as well as $438 million in cash flow from operations and $291 million in free cash flow.

Seagate announced cash dividend of $0.63 per share, which will be payable on July 3, 2019 to shareholders of record as of the close of business on June 19, 2019. Seagate saw some pretty important releases over the past two quarters, including a 16TB HAMR HDD, a the BarraCuda 510 internal HDD, new additions to their Backup Plus family (Seagate Backup Plus Slim and Seagate Backup Plus Portable), and a new model in the IronWolf line with the IronWolf 110 NAS SSD.

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