Seagate Sees Lower Profits, but Still Beats Estimates (STX)

Seagate Sees Lower Profits, but Still Beats Estimates (STX)

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Manufacturer of hard disk drives, Seagate Technology PLC (STX), reported a decline in profits for the second quarter but beat analysts’ estimates on Tuesday.

The Dublin, Ireland based company reported second quarter net income of $492 million, or $1.30 per share, down -12% from $563 million, or $1.28 per share last year. Excluding special items, the company’s earnings came in at $1.38 per share, beating analysts estimate of $1.33 per share.

Revenue for the quarter was reported at $3.67 billion, which exceeded analysts estimate of $3.58 billion.

Looking ahead, the company expects to see third quarter revenue in the range of $3.25 billion to $3.45 billion.

Seagate Technology shares were down -$2.21, or -5.91% during premarket trading Tuesday. The stock has increased 80% in the past year.

The Bottom Line
Shares of Seagate Technology PLC (STX) have a 4.06% dividend yield, based on Monday’s closing stock price of $37.41.

Seagate Technology PLC(STX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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