Seagate Beats On Q4 Earnings, Issues Strong Q1 FY22 Outlook

Loading...
Loading...

Seagate Technology Holdings PLC STX reported fourth-quarter FY21 revenue growth of 19.7% year-on-year to $3.01 billion, surpassing the analyst consensus of $2.95 billion. Non-GAAP EPS of $2.00 beat the analyst consensus of $1.84.

  • Revenue from mass capacity storage markets increased 29% Y/Y.
  • Non-GAAP gross margin expanded 230 basis points to 29.6%, while the Non-GAAP operating margin expanded 330 basis points to 18.1%.
  • The company generated $478 million in operating cash flow, paid cash dividends of $154 million, and repurchased shares worth $228 million. 
  • Seagate held $1.2 billion in cash and equivalents.
  • Demand for data is rapidly accelerating in the cloud and at the edge, driving secular growth for mass capacity data storage.
  • The board declared a quarterly cash dividend of $0.67 per share, payable on Oct. 7, to shareholders of record Sep. 22.
  • Outlook: STX sees Q1 FY22 revenue of $3.1 billion, plus or minus $150 million above the analyst consensus of $2.94 billion. 
  • It expects a non-GAAP EPS of $2.20, plus or minus $0.15, versus the analyst consensus of $1.85.
  • Price action: STX shares gave up gains and are trading lower by 3.79% at $82.85 in the premarket session on the last check Wednesday.
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceDividendsTechMediaBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...