Stock Monitor: Adesto Technologies Post Earnings Reporting

LONDON, UK / ACCESSWIRE / May 24, 2018 / If you want access to our free earnings report on Seagate Technology PLC (NASDAQ: STX) ("Seagate"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=STX. The Company reported its financial results on May 01, 2018, for the third quarter of the fiscal year 2018 (Q3 FY18). The American data storage Company surpassed market estimates for revenue and earnings for Q3 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Adesto Technologies Corporation (NASDAQ: IOTS), which also belongs to the Technology sector as the Company Seagate Technology. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Seagate Technology most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=STX

Earnings Highlights and Summary

For the quarter ended March 30, 2018, Seagate's revenues advanced 4.8% to $2.80 billion compared to $2.67 billion in the third quarter of the fiscal year 2017, primarily driven by a growth in the number of exabytes shipped in the enterprise market. The Company's revenue numbers for the reported quarter outperformed market estimates of $2.76 billion.

For Q3 FY18, Seagate's cost of revenues increased to $1.96 billion versus $1.86 billion in Q3 FY17. The Company's gross profit grew by 3.8% to $847 million in the reported quarter compared to $816 million in the year ago same period. The Company's gross margin as a percentage of revenues remained flat at 30.2% in Q3 FY18 compared to 30.5% in Q3 FY17. Moreover, the Company's non-GAAP gross margin declined to 30.8% in Q3 FY18 compared to 31.4% in Q3 FY17.

Seagate's operating expenses declined by 26% to $406 million in Q3 FY18 versus $550 million in Q3 FY17. The Company reported an income from operations of $441 million in the reported quarter versus $266 million in the year ago comparable quarter.

For Q3 FY18, Seagate's net income jumped 93.4% to $381 million compared to $194 million in Q3 FY17. The Company's diluted earnings per share (EPS) soared 101.5% to $1.31 in the reported quarter compared to $0.65 in year ago corresponding period. The Company posted non-GAAP EPS of $1.46 in Q3 FY18 compared to $1.10 in Q3 FY17. The Company's non-GAAP EPS exceeded market estimates of $1.36.

Segments Details

Seagate generates revenues through two product lines: (i) Hard Disk Drives (HDD); and (ii) Enterprise Systems, Flash, and Other.

During Q3 FY18, Seagate's HDD line aggregated total revenues of $2.59 million compared to $2.42 billion in Q3 FY17, primarily due to an advancement and accelerated growth of cloud storage technologies. During the reported quarter, Seagate shipped 87.4 exabytes of HDD storage, with an average capacity of record 2.4 terabytes (TB) per drive, compared to 65.5 exabytes, with 1.8 TB of average capacity per drive, in the quarter ended March 2017.

Seagate added revenues of $217 million from Enterprise Systems, Flash, and Other line in the reported quarter versus $250 million in the prior year's same period. The product line's revenues declined by 13.2% on a y-o-y basis, mainly due to planned end of life of some legacy original equipment manufacturer (OEM) cloud systems products and the divestiture of high-performance computing assets.

Cash Matters

As of March 30, 2018, Seagate's cash and cash equivalents stood at $2.93 billion compared to $3.03 billion as of March 31, 2017. At the end of the reported quarter, the Company had a long-term debt, excluding current portion, of $4.32 billion versus $5.02 billion in the previous quarter.

Seagate reported net cash inflow from operating activities of $1.65 billion in Q3 FY18 compared to $1.67 billion in Q3 FY17.

Stock Performance Snapshot

May 23, 2018 - At Wednesday's closing bell, Seagate Technology's stock was slightly up 0.47%, ending the trading session at $58.28.

Volume traded for the day: 1.98 million shares.

Stock performance in the last month ? up 0.02%; previous three-month period ? up 13.47%; past twelve-month period ? up 36.71%; and year-to-date ? up 39.29%

After yesterday's close, Seagate Technology's market cap was at $17.54 billion.

Price to Earnings (P/E) ratio was at 16.26.

The stock has a dividend yield of 4.32%.

The stock is part of the Technology sector, categorized under the Data Storage Devices industry. This sector was up 0.5% at the end of the session.

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