US-based Seagate Technology, a leader in storage solutions, has reported revenue of $3.4 billion for the fourth quarter of the fiscal year ended June 28.

The company also reported a net income of $348 million and diluted earnings per share of $0.94 during the same period.  

“Seagate’s financial results reflect strong execution in a time of change, uncertainty and opportunity,” said Steve Luczo, Seagate’s chairman, president and chief executive officer. “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, on a GAAP basis the company reported revenue of $14.4 billion, gross margin of 27.5 per cent, net income of $1.8 billion and diluted earnings per share of $4.81.  On a non-GAAP basis, the company reported gross margin of 28 per cent and diluted earnings per share of $5.31.  

The company returned 71 per cent of its operating cash flow to shareholders in dividends and share redemptions. Cash, cash equivalents, restricted cash, and short-term investments totalled approximately $2.3 billion at the end of the fiscal year.  

The company board has approved a quarterly cash dividend of $0.38 per share, which will be payable on August 21 to shareholders of record as of the close of business on August 7, said a statement.

The payment of any future quarterly dividends will be at the discretion of the board and will be dependent upon Seagate's financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the board, it said.

The board has also authorised the company to repurchase up to $2.5 billion of its outstanding ordinary shares, bring the total authorised unutilized capacity for repurchases to approximately $3.3 billion, it added. - TradeArabia News Service