Seagate Q4 Results Top Estimates - Quick Facts

(RTTNews) - Data storage maker Seagate Technology Holdings plc (STX) reported Wednesday that net income for the fourth quarter soared to $482 million or $2.07 per share from $166 million or $0.64 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $2.00, compared to $1.20 in the year-ago quarter. On average, 24 analysts polled by Thomson Reuters expected the company to report earnings of $1.84 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew to $3.01 billion from $2.52 billion in the same quarter last year. Analysts expected revenue of $2.95 billion for the quarter.

The Board of Directors of the Company also declared a quarterly cash dividend of $0.67 per share, which will be payable on October 6, 2021 to shareholders of record as of the close of business on September 22, 2021.

Looking ahead the first quarter, the company expects adjusted earnings per share of $2.20, plus or minus $0.15, on revenues of $3.1 billion, plus or minus $150 million. The Street is currently looking for earnings of $1.85 per share on annual revenues of $2.94 billion.