Seagate Technology Holdings PLC (NASDAQ:STX) shares are trading lower on Wednesday. The company reported first-quarter revenue of $2.17 billion, beating the consensus of $2.119 billion.
Adjusted gross margin rose to 33.3% from 19.8% a year ago quarter. Adjusted operating margin escalated to 20.4% from 2.8% in the prior-year quarter. Adjusted EPS of $1.58 beat the consensus of $1.46.
In the first quarter, the company generated an operating cash flow of $95 million and a free cash flow of $27 million.
The company returned $147 million to shareholders via its quarterly dividend. As of September 27, cash and cash equivalents totaled $1.2 billion.
Dividend: The Board of Directors declared a cash dividend of $0.72 per share, payable on January 6, 2025, to shareholders of record as of December 15, 2024.
Outlook: Seagate Technology expects second-quarter adjusted EPS of $1.85 (± $0.20), against the consensus of $1.70, and revenue of $2.30B (± $150 million), versus the $2.29 billion estimate.
Dave Mosley, Seagate’s chief executive officer said, “We executed on our plans to aggressively ramp our 28-terabyte nearline drives and broaden the number of cloud customers entering qualification on HAMR-based Mozaic products.”
Investors can gain exposure to the stock via StockSnips AI-Powered Sentiment US All Cap ETF (NASDAQ:NEWZ) and Affinity World Leaders Equity ETF (BATS:WLDR).
Price Action: STX shares are down 6.66% at $105.14 at the last check Wednesday.
Read Next:
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.