Seagate Technology Q1 Profit Down, But Results Top Estimates - Quick Facts

(RTTNews) - Seagate Technology plc. (STX) reported that its net income attributable to the company for the first quarter of fiscal year 2015 ended October 3, 2014 declined to $381 million from the previous year's $427 million, with earnings per share decreasing to $1.13 from $1.16 last year.

On a non-GAAP basis, net income for the latest-quarter was $453 million and earnings per share of $1.34. Analysts polled by Thomson Reuters expected the company to report earnings of $1.25 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenue rose to $3.785 billion from $3.489 billion last year. Wall Street expected revenues of $3.63 billion.

"We achieved strong financial results in the first fiscal quarter, driven by consistent execution and better-than-anticipated market demand for our PC and Cloud storage products...... We remain confident in our cash flow generation and the opportunities ahead for Seagate as evidenced by our recently announced target annual dividend increase of 26% to $2.16," said Steve Luczo, Seagate's chairman and chief executive officer.