Friday, February 01, 2013 9:23:14 AM
By Zacks Equity Research | Zacks – Wed, Jan 30, 2013 12:23 PM
http://finance.yahoo.com/news/seagate-beats-eps-revenues-exceed-172347190.html
Seagate Technology plc (STX) reported second-quarter 2013 earnings per share (EPS) of $1.38, which exceeded the Zacks Consensus Estimate of $1.27.
Revenue
Seagate reported revenues of $3.67 billion in the second quarter of 2013, up 14.7% from $3.20 billion in the year-ago period. The company’s hard disk drive demand is improving based on a marginal increase in demand from the server and pc makers.
Operating Results
Gross profit was $992.0 million, down from $1.01 billion in the prior-year quarter. Gross margin was 27.0% versus 31.6% in the prior-year quarter. The decline in gross margin was primarily due to an adverse effect on pricing as well as due to some cost issues.
Operating income in the quarter also moved down 8.3% year over year to $555.0 million. This was due to a surge in cost and expenses, which increased 20.2%, compared with the year-ago period.
On a GAAP basis, net income was $492.0 million or $1.30 per share, compared with $563.0 million or $1.28 per share in the comparable quarter last year. Excluding the impact of one-time items, adjusted net income was $523.0 million or $1.38 per share.
Balance Sheet, Cash Flow
Cash and cash equivalents were approximately $1.87 billion at the end of the quarter versus $2.37 billion in the previous quarter. Accounts receivables decreased to $1.65 billion from $1.68 billion in the prior quarter. Seagate’s long-term debt remained at $2.82 billion.
The company generated $844.0 million from operating activities, down from $1.13 billion in the previous quarter. The company has returned $1.1 billion to shareholders through share redemptions and dividends.
Our Take
Seagate reported decent second-quarter results, with revenue improving substantially and EPS exceeding our expectation. Some recovery in the HDD industry and improvement in demand aided Seagate to become the leading player in the market.
The company has been able to control costs and increase the sale of high-margin products. Moreover, Seagate is coming up with new products to cater to new customers and penetrate new markets with customized products Seagate also has a significant exposure to high-end corporate desktop and enterprise server markets compared with its rival Western Digital Corp. (WDC).
Currently, Seagate has a Zacks Rank #3 (Hold).
Then there's a woman, a lion of a woman.
Recent STX News
- Tesla Surges 12% with 2025 Affordable Vehicle Promise, Evotec Slumps 36% on Uncertain Outlook, and Latest Earnings • IH Market News • 04/24/2024 11:29:58 AM
- Seagate Technology Reports Fiscal Third Quarter 2024 Financial Results • Business Wire • 04/23/2024 08:05:00 PM
- U.S. Index Futures Rise in Pre-Market, Oil Prices Dip Slightly • IH Market News • 04/23/2024 11:26:41 AM
- Seagate Drives Progress on Its Renewable Energy and Circularity Programs • Business Wire • 04/22/2024 08:48:00 PM
- Seagate Technology to Report Fiscal Third Quarter 2024 Financial Results on April 23, 2024 • Business Wire • 04/09/2024 08:05:00 PM
- S&P 500 May Regain Ground Following Three-Day Losing Streak • IH Market News • 03/27/2024 01:17:23 PM
- U.S. Stocks Close Modestly Lower Following Late-Day Pullback • IH Market News • 03/26/2024 08:39:59 PM
- Super Micro Computer and Seagate Shares Surge on Analyst Optimism in Pre-Market Trading, and Latest News • IH Market News • 03/26/2024 11:20:49 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:08:33 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/04/2024 09:14:44 PM
- Seagate Launches New E-commerce Website in the United States • Business Wire • 02/26/2024 04:19:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 09:02:44 PM
- Seagate to Participate in Upcoming Investor Event • Business Wire • 02/21/2024 09:05:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 03:13:47 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/09/2024 10:46:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/09/2024 09:09:28 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/06/2024 02:36:34 PM
- OORT Collaborates with Seagate Lyve Services to Strengthen AI-Focused Decentralized Cloud Services • PR Newswire (US) • 01/31/2024 01:41:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 01/26/2024 09:09:01 PM
- Wall Street Highlights: Nokia’s Margins Surprise, FAA Halts Boeing Production Expansion, and More • IH Market News • 01/25/2024 11:25:22 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/24/2024 09:07:30 PM
- Seagate Technology Reports Fiscal Second Quarter 2024 Financial Results • Business Wire • 01/24/2024 09:05:00 PM
- Wall Street Highlights: eBay Slashes 9% of Workforce, SAP to Reduce 8,000 Positions, and More • IH Market News • 01/24/2024 11:06:14 AM
- Seagate Reports on Progress Towards Global Diversity, Equity, and Inclusion Objectives • Business Wire • 01/23/2024 01:00:00 PM
- Seagate’s Breakthrough 30TB+ Hard Drives Ramp Volume, Marking an Inflection Point in the Storage Industry • Business Wire • 01/17/2024 11:00:00 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM