Investing.com -- Seagate Technology PLC (NASDAQ: STX) reported third quarter results that exceeded analyst expectations, with adjusted earnings per share of $4.10 and revenue of $3.11 billion, beating consensus estimates of $3.48 and $2.95 billion, respectively. Revenue increased 44% YoY from $2.16 billion in the same quarter last year.

The data storage company saw its stock jump 12.4% in after-hours trading Tuesday after providing fourth quarter guidance that significantly surpassed Wall Street expectations. Seagate expects adjusted EPS of $5.00, plus or minus $0.20, compared to the analyst consensus of $3.97. The midpoint of $5.00 represents a 26% premium to estimates. Fourth quarter revenue is projected at $3.45 billion, plus or minus $100 million, versus the consensus of $3.15 billion. The guidance midpoint of $3.45 billion exceeds analyst expectations by 9%.

"Seagate delivered outstanding March quarter results, exceeding the high end of our revenue and EPS guidance, achieving record margin performance, and generating close to $1 billion in free cash flow," said Dave Mosley, Seagate's chair and chief executive officer.

The company achieved a non-GAAP gross margin of 47.0%, up from 36.2% in the prior year period. Seagate generated $1.1 billion in cash flow from operations and $953 million in free cash flow during the quarter. The company retired approximately $641 million in debt and returned $191 million to shareholders through dividends and share repurchases.

The Board declared a quarterly cash dividend of $0.74 per share, payable on July 7, 2026 to shareholders of record as of June 24, 2026.