Operating cash flow reached $856 million
Quarterly revenue and earnings per share have increased
China, Beijing, - Seagate Technology Inc. (NASDAQ: STX) recently released its financial report for the second fiscal quarter of fiscal 2014 as of December 27, 2013. The company's second-quarter revenue was approximately $3.53 billion, gross profit margin was 28.0%, net profit was $428 million, and diluted earnings per share were $1.24. Based on non-GAAP, which excludes the impact of certain projects, Seagate's gross profit margin is 28.5%, net profit is $455 million, and diluted earnings per share are $1.32.
In the second quarter, Seagate operated cash flow of approximately $856 million, paid a cash dividend of $142 million, and repurchased nearly $3.5 billion of 33 million shares of common stock. As of the end of the second fiscal quarter, the company issued 328 million shares of common stock outstanding. As of the end of the second fiscal quarter, the company's cash, cash equivalents, limited-use cash and short-term investments totaled approximately $2.3 billion.
Steve Luczo, Chairman and CEO of Seagate Technology, said: "Seagate's quarterly results indicate that the company has good business profitability management and robust execution. We will continue to make strategic investments in Seagate's product portfolio while enhancing vertical Integrate manufacturing capabilities to leverage cloud, mobility and open source storage trends driven by data growth. In the current quarter, Seagate's significant increase in cash flow and the implementation of the capital allocation strategy have enabled us to operate the company this fiscal year. 70% of the cash flow is given back to shareholders."
Seagate has published a supplemental comment that was not read out on the conference call and can be accessed by visiting the investor relations page at www.seagate.com/investors .
Quarterly cash dividend
The Board of Directors has approved a quarterly cash dividend of $0.43 per share and will be paid on February 24, 2014 to all shareholders registered at the close of the transaction on February 10, 2014. Future quarterly dividend payments will be determined by the company's board of directors based on Seagate's financial condition, operating results, available cash, cash flow, capital requirements and other relevant factors identified by the board of directors.
Seagate creates space for human experience by storing, sharing and using innovative data. Seagate has leading data storage technology products including: hard disk, HDD mechanical hard disk , SSD solid state hard disk , mobile hard disk and so on.
China Seagate official website: https://www.seagate.com/cn/zh