Seagate Technology Holdings plc Quarterly Report for Q1 Ended Sep 27, 2013

Summary

Seagate Technology plc (STX) reported its quarterly results for the period ending September 27, 2013. Revenue for the quarter was $3.49 billion, a slight increase from the previous quarter but a decrease compared to the same period last year. Net income attributable to Seagate Technology plc was $427 million, resulting in diluted earnings per share of $1.16. The company maintained a strong operational cash flow of $682 million and ended the quarter with a healthy cash and cash equivalents balance of $1.92 billion. Key financial activities during the quarter included share repurchases totaling $182 million and dividend payments of $135 million. The company also highlighted its ongoing investments in product development, with R&D expenses remaining stable quarter-over-quarter but increasing year-over-year. Seagate continues to manage its debt obligations, with no borrowings drawn on its $500 million revolving credit facility and a focus on maintaining compliance with its financial covenants.

Key Highlights

• 1Revenue for the quarter was $3.49 billion, showing sequential growth but a year-over-year decline.
• 2Net income attributable to Seagate Technology plc was $427 million, with diluted EPS of $1.16.
• 3Operating cash flow remained strong at $682 million.
• 4The company returned capital to shareholders through $182 million in share repurchases and $135 million in dividends.
• 5Cash and cash equivalents stood at $1.92 billion, indicating robust liquidity.
• 6Product development expenses increased year-over-year, reflecting ongoing investment in technology.
• 7Seagate maintained compliance with its debt covenants and had no outstanding borrowings on its revolving credit facility.

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