Seagate Tech To Repurchase Up To $2.3 Bln Of Shares

(RTTNews) - Seagate Technology plc. (STX) said that its board has authorized the company to repurchase up to $2.3 billion of its outstanding ordinary shares.

As a result of the October 2018 Authorization, Seagate currently has an aggregate authority to repurchase about $3.0 billion of its ordinary shares.

"The repurchase authorization reflects the confidence that the Board and the executive management team have in Seagate's ability to generate cash, while still investing in innovation and growth opportunities," said Dave Mosley, Seagate's chief executive officer.

In the first quarter, the company generated $587 million in cash flow from operations and $410 million in free cash flow, paid cash dividends of $181 million and repurchased 3 million ordinary shares for $150 million. Cash and cash equivalents totaled $1.9 billion at the end of the quarter.