Seagate Technology (STX) PT Lowered to $35 at Wells Fargo Following 4Q
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Seagate Technology Reports Fiscal Fourth Quarter and Fiscal Year 2017 Financial Results
July 25, 2017 8:01 AM EDTCUPERTINO, Calif.--(BUSINESS WIRE)-- Seagate Technology plc (NASDAQ: STX) (the Company or Seagate) today reported financial results for the quarter and fiscal year ended June 30, 2017. For the fourth quarter, the Company reported revenue of $2.4 billion, gross margin of 27.7%, net income of $114 million and diluted earnings per share of $0.38. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 28.9%, net income of $192 million and diluted earnings per share of $0.65.
During the fourth quarter, the Company generated $243 million in cash flow from operations and returned approximately $400 million... More
Seagate Technology Announces Planned Leadership Transition
July 25, 2017 8:00 AM EDTDave Mosley to become CEO, Steve Luczo to become Executive Chairman
CUPERTINO, Calif.--(BUSINESS WIRE)-- Seagate Technology plc (NASDAQ: STX) today announced that its Board of Directors has unanimously voted to appoint Dave Mosley, Seagate's President and Chief Operating Officer, as Chief Executive Officer effective October 1, 2017. Mr. Mosley was also appointed to the Board of Directors of Seagate, effective July 25, 2017. Steve Luczo, who currently serves as Chief Executive Officer, will transition to the role of Executive Chairman on October 1, 2017 in order to focus on longer-term shareholder value... More
