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Mar 29, 2024
Seagate Q3 2024 Earnings Report
Seagate's Q3 2024 financial results were released, showcasing revenue growth and improved EPS.
Key Takeaways
Seagate Technology reported a 6% increase in revenue to $1.66 billion and a significant rise in non-GAAP EPS, more than doubling over the previous quarter. This improvement was driven by growing cloud demand, strong operating discipline, and effective price execution.
Revenue reached $1.66 billion.
GAAP diluted EPS was $0.12, while non-GAAP diluted EPS was $0.33.
Generated $188 million in cash flow from operations and $128 million in free cash flow.
Declared a cash dividend of $0.70 per share.
Forward Guidance
For the fiscal fourth quarter 2024, Seagate anticipates revenue of $1.85 billion, plus or minus $150 million, and non-GAAP diluted EPS of $0.70, plus or minus $0.20.
Positive Outlook
- Revenue is expected to be $1.85 billion, plus or minus $150 million.
- Non-GAAP diluted EPS is projected to be $0.70, plus or minus $0.20.
- Guidance excludes known pre-tax charges related to estimated share-based compensation expenses of $0.16 per share.
- Improving cloud demand
- Strong operating discipline and price execution
Challenges Ahead
- Actual results may differ materially due to various factors.
- Material items that may impact GAAP measures are out of the company's control and/or cannot be reasonably predicted.
- These unpredictable items include accelerated depreciation, impairment and other charges related to cost saving efforts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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