Seagate Q1 2021 Earnings Report
Key Takeaways
Seagate Technology reported solid September quarter results, driven by strong recovery in the video and image applications market and healthy cloud data center demand. The company's revenue reached $2.31 billion, with a GAAP EPS of $0.86 and non-GAAP EPS of $0.93. Seagate is on track to ship its first HAMR drives for revenue in December.
Revenue of $2.31 billion.
GAAP operating margin of 10.8%; non-GAAP operating margin of 12.7%.
GAAP diluted earnings per share (EPS) of $0.86; non-GAAP diluted EPS of $0.93.
Cash flow from operations of $297 million and free cash flow of $186 million.
Seagate
Seagate
Forward Guidance
The Company is providing the following guidance for its fiscal second quarter 2021: Revenue of $2.55 billion, plus or minus $200 million and Non-GAAP diluted EPS of $1.10, plus or minus $0.15.
Positive Outlook
- Revenue of $2.55 billion, plus or minus $200 million
Challenges Ahead
- Non-GAAP diluted EPS of $1.10, plus or minus $0.15