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