Seagate Technology (STX) Tops Q1 EPS by 20c

October 19, 2016 8:02 AM EDT
Get Alerts STX Hot Sheet
Trade STX Now!
Join SI Premium – FREE

Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.

Seagate Technology (NASDAQ: STX) reported Q1 EPS of $0.99, $0.20 better than the analyst estimate of $0.79. Revenue for the quarter came in at $2.8 billion versus the consensus estimate of $2.79 billion.

“In response to strong cloud storage customer demand, Seagate delivered record levels of exabyte shipments, and generated strong revenues, margin and cash flow in the September quarter. In addition, as a result of our operating expense management, the company's non-GAAP earnings per share increased by 85% year over year,” said Steve Luczo, Seagate’s chairman and chief executive officer. “As the demand for HDD storage continues to benefit from the shift to data driven cloud based architectures, Seagate is in a strong position to grow its businesses, improve margins and continue with its dividend and buyback capital allocation objectives.”

For earnings history and earnings-related data on Seagate Technology (STX) click here.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Earnings, Management Comments

Related Entities

Earnings

Add Your Comment