Seagate Technology (STX) Tops Q1 EPS by 9c

Seagate Technology (NASDAQ: STX) reported Q1 EPS of $1.34, $0.09 better than the analyst estimate of $1.25. Revenue for the quarter came in at $3.8 billion versus the consensus estimate of $3.66 billion.

“We achieved strong financial results in the first fiscal quarter, driven by consistent execution and better-than-anticipated market demand for our PC and Cloud storage products,” said Steve Luczo, Seagate’s chairman and chief executive officer. “We continue to improve our position in the evolving storage market by leveraging and investing in our core storage technology and expanding our product portfolio with Cloud systems and solutions and integrated flash technology. We remain confident in our cash flow generation and the opportunities ahead for Seagate as evidenced by our recently announced target annual dividend increase of 26% to $2.16.”

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

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