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Seagate reports $US3.7bn revenue for Q1 FY13

Storage products vendors, Seagate Technology, has announced that it recorded revenue of approximately $US3.7 billion with a gross margin of 28.4 per cent, net income of $US582 million, and diluted earnings per share of $US1.42 on a generally accepted accounting principles (GAAP) basis for its first fiscal quarter of 2013, which ended on September 28.

On a non-GAAP basis, it reported gross margin of 29 per cent, net income of $US594m and diluted earnings per share of $US1.45.

According to a statement from the vendor, it generated approximately $US1.1bn in cash from operations, paid cash dividends of $US127 million and redeemed approximately 20.5m ordinary shares, or approximately five per cent of ordinary shares at the beginning of the fiscal quarter for approximately $US669m.

During the first nine months of the current calendar year, the vendor redeemed approximately 109 million ordinary shares, resulting in an approximate reduction of 17 per cent of its share count.

Cash, cash equivalents, restricted cash, and short-term investments totalled approximately $US2.5bn at the end of the first quarter, a sequential increase of approximately $US259m.

"Seagate continues to adapt to dynamic industry conditions, managing inventory and demand with our customers while maintaining investments in our technology portfolio that will position us for continued success in the marketplace over the long-term," Seagate chairman and chief executive officer (CEO), Steve Luczo, said. "Returning value to shareholders remains a top priority with over 70% of our operating cash flow going towards share redemptions and dividends this quarter."

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