Seagate Technology Q3 Profit Decreases - Quick Facts

(RTTNews) - Seagate Technology plc (STX) reported third-quarter net income of $291 million or $0.88 per share, compared to $395 million or $1.17 per share, prior year. Adjusted earnings per share was $1.08, for the quarter. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $1.04 for the quarter. Analysts' estimates typically exclude special items. Revenue decreased to $3.33 billion from $3.41 billion last year. Analysts expected revenue of $3.40 billion for the quarter.

The Board of Seagate Technology has approved a quarterly cash dividend of $0.54 per share, which will be payable on May 15, 2015 to shareholders of record as of the close of business on May 1, 2015.

Steve Luczo, Seagate's CEO, said: "Near-term macro uncertainty is affecting certain areas of our addressable market however we remain optimistic that market demand for exabytes of storage will continue to increase over the long-term. Looking ahead, we are focused on aligning our storage technology portfolio effectively to capitalize on market growth opportunities, demonstrating operating profitability and returning value to shareholders."