Press release
Seagate Technology Reports Fiscal First Quarter 2022 Financial Results
Revenue of $3.12 billion GAAP operating margin of 18.8%; non-GAAP operating margin of 20.1% GAAP diluted earnings per share (EPS) of $2.28; non-GAAP diluted
About this update from Seagate Technology Holdings Plc
[{"type":"text","content":"\n\nRevenue of $3.12 billion\n\n\nGAAP operating margin of 18.8%; non-GAAP operating margin of 20.1%\n\n\nGAAP diluted earnings per share (EPS) of $2.28; non-GAAP diluted EPS of $2.35\n\n\nRaised the quarterly cash dividend for third consecutive year to $0.70 per share\n\n\nCash flow from operations of $496 million and free cash flow of $379 million\n\n\n FREMONT, Calif.--(BUSINESS WIRE)--\nSeagate Technology Holdings plc (NASDAQ: STX) (the “Company” or “Seagate”) today reported financial results for its fiscal first quarter ended October 1, 2021.\n\n“Seagate had an exceptional start to the fiscal year with solid revenue growth, significant profit expansion and higher free cash flow generation in the September quarter. Mass capacity revenue topped the $2 billion mark for the first time, led by ongoing demand from cloud data center customers and strength in the video and image applications markets. Our results demonstrate consistent execution, a sustained healthy demand environment and positive structural change in storage industry dynamics. Collectively these factors led to achieving margin levels consistent with our long-term targets and support our increased revenue growth outlook for fiscal 2022,” said Dave Mosley, Seagate’s chief executive officer.\n\n“Long-term, secular demand for mass capacity storage underpins our multi-year financial growth targets. Seagate’s innovative technology roadmap and operational agility position the company well to capture these growing opportunities and continue generating robust free cash flow to deliver value for customers and shareholders.”\n\nQuarterly Financial Results\n\n\n\n \n\n\n\n\nGAAP\n\n\n\n\nNon-GAAP\n\n\n\n\n\n \n\n\n\n\nFQ1 2022\n\n\n\n\nFQ1 2021\n\n\n\n\nFQ1 2022\n\n\n\n\nFQ1 2021\n\n\n\n\n\nRevenue ($M)\n\n\n\n\n$\n\n\n\n3,115\n\n\n\n \n\n\n\n\n$\n\n\n\n2,314\n\n\n\n \n\n\n\n\n$\n\n\n\n3,115\n\n\n\n \n\n\n\n\n$\n\n\n\n2,314\n\n\n\n \n\n\n\n\n\nGross Margin\n\n\n\n\n30.7\n\n\n\n%\n\n\n\n\n25.8\n\n\n\n%\n\n\n\n\n31.0\n\n\n\n%\n\n\n\n\n26.5\n\n\n\n%\n\n\n\n\n\nOperating Margin\n\n\n\n\n18.8\n\n\n\n%\n\n\n\n\n10.8\n\n\n\n%\n\n\n\n\n20.1\n\n\n\n%\n\n\n\n\n12.7\n\n\n\n%\n\n\n\n\n\nNet Income ($M)\n\n\n\n\n$\n\n\n\n526\n\n\n\n \n\n\n\n\n$\n\n\n\n223\n\n\n\n \n\n\n\n\n$\n\n\n\n544\n\n\n\n \n\n\n\n\n$\n\n\n\n242\n\n\n\n \n\n\n\n\n\nDiluted Earnings Per Share\n\n\n\n\n$\n\n\n\n2.28\n\n\...