Seagate announces Q4 and Year-end 2013 Financial Results
Seagate Technology has reported its financial results for the fourth quarter and fiscal year ending June 28, 2013. During the fourth quarter, the Company reported revenue of approximately $3.4 billion, gross margin of 27.4%, net income of $348 million and diluted earnings per share of $0.94. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 28.0%, net income of $447 million and diluted earnings per share of $1.20.
The financial results also showed that the Company generated approximately $394 million in operating cash flow, paid cash dividends of $137 million and repurchased 1 million of ordinary shares for approximately $42 million in this quarter.
Steve Luczo, Chairman, President & CEO, Seagate, said, Seagate’s financial results reflect strong execution in a time of change, uncertainty and opportunity. Looking ahead, we believe the market trends of data growth driven by cloud, mobile and open-source advancement will present new and significant opportunities for Seagate. We will continue to balance near-term financial performance and long-term strategic development while maximizing shareholder value.
For the fiscal year ended June 28, 2013, on a GAAP basis Seagate has reported revenue of $14.4 billion, gross margin of 27.5%, net income of $1.8 billion and diluted earnings per share of $4.81. In the fiscal year 2013, the Company returned 71% of its operating cash flow, or 96% of free cash flow, to shareholders in dividends and share redemptions.
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