Seagate Reports Fiscal 2nd Quarter 2023 Financial Results
FREMONT, Calif., Jan. 26, 2023 -- Seagate today reported financial results for its fiscal second quarter ended December 30, 2022.
“Seagate is effectively managing through a tough macroeconomic environment. In the December quarter, we delivered revenue and non-GAAP EPS slightly above our guidance midpoint and extended a decade long trend of generating positive free cash flow,” said Dave Mosley, Seagate’s chief executive officer.
“We are executing our industry leading product roadmap, which positions us well as the markets ultimately recover. We expect to launch our 30-plus terabyte HAMR-based product family in the June quarter enabled by 3-plus terabyte per disk densities.”
Quarterly Financial Results
During the fiscal second quarter the Company generated $251 million in cash flow from operations and $172 million in free cash flow, and paid cash dividends of $145 million. The Company reduced debt by $220 million, exiting the fiscal second quarter with total debt of $6.0 billion, and cash and cash equivalents of $770 million. There were 206 million ordinary shares issued and outstanding as of the end of the quarter.
In the fiscal second quarter, the Company recognized charges related to the October 2022 Restructuring Plan, in addition to various gains and charges associated with other cost saving initiatives. These items are reflected in the GAAP results, but excluded from the Non-GAAP results. For a detailed reconciliation of GAAP to non-GAAP results, see accompanying financial tables.
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Source: Seagate
