China, Beijing, -- Seagate Technology Inc. (NASDAQ: STX), the world's leading provider of data storage solutions, today announced its financial report for the first fiscal quarter of fiscal year ending October 3, 2014. The company's first-quarter revenue was approximately $3.8 billion, with a gross profit margin of 27.8%, a net profit of $381 million, and a diluted earnings per share of $1.13. Based on non-GAAP, which excludes the impact of certain projects, Seagate's gross profit margin is 28.1%, net profit is $453 million, and diluted earnings per share are $1.34.
In the first quarter, Seagate's operating cash flow was approximately $602 million, with a cash dividend of $140 million and a repurchase of nearly $183 million in 3 million shares of common stock. As of the end of the first fiscal quarter, the company issued 327 million shares of common stock outstanding, the company's cash, cash equivalents, limited use cash and short-term investments totaled about $2.2 billion.
Steve Luczo, Chairman and CEO of Seagate Technology, said: "The company's robust execution capabilities and the market's unexpected demand for personal computers (PCs) and cloud storage products have resulted in outstanding financial results for the first quarter. We will invest in and leverage core storage technologies to expand our product portfolio through cloud systems and solutions and integrated flash technology to continue to enhance Seagate's position in the growing storage market. Seagate's recently announced financial goal is to increase its annual dividend to $2.16 , an increase of 26%. This proves that we are confident in Seagate's cash flow generation capabilities and future opportunities."
Seagate has published a supplemental comment that can be read >by visiting the investor relations page atwww.seagate.com/investors .
Quarterly cash dividend
As announced on October 22, 2014, the Board of Directors has approved a quarterly cash dividend of $0.54 per share, which will be paid on November 25, 2014 to all shareholders registered at the closing of the transaction on November 11, 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