FREMONT, Calif. – July 31, 2024 – Seagate Technology Holdings plc (NASDAQ: STX) has announced its financial results for the fiscal fourth quarter and fiscal year ended June 28, 2024. In the fourth quarter, the company achieved revenue of $1.89 billion, with GAAP diluted earnings per share (EPS) of $2.39 and non-GAAP EPS of $1.05. The quarter saw a cash flow from operations of $434 million and free cash flow of $380 million. Additionally, Seagate declared a cash dividend of $0.70 per share.
For the full fiscal year 2024, Seagate reported revenue of $6.55 billion. The GAAP diluted EPS was $1.58, while non-GAAP EPS was $1.29. The company generated $918 million in cash flow from operations and $664 million in free cash flow, returning $585 million to shareholders through dividends. This performance underscores Seagate’s strategic focus on financial discipline and shareholder returns.
Seagate’s CEO, Dave Mosley, attributed the strong fourth-quarter performance to improving cloud demand and effective execution against financial goals. He highlighted that Q4 revenue grew 18% year-over-year, with non-GAAP gross margin expanding to nearly 31%. Mosley emphasized that Seagate’s focus on driving profitability and maintaining supply discipline is crucial for fiscal 2025, as the company continues to advance its mass capacity product roadmap, particularly with its HAMR technology.
The quarterly financial results show a marked improvement compared to the previous year. Q4 2024 revenue of $1.89 billion reflects a significant increase from $1.60 billion in Q4 2023. The gross margin improved to 31.8% GAAP and 30.9% non-GAAP, compared to 19.0% and 19.5%, respectively, in the same quarter last year. The company’s net income also saw a dramatic rise to $513 million GAAP and $222 million non-GAAP, compared to a net loss in the prior year.
Looking ahead, Seagate provided guidance for the fiscal first quarter of 2025, projecting revenue of $2.10 billion, plus or minus $150 million, and non-GAAP diluted EPS of $1.40, plus or minus $0.20. This outlook reflects the company’s continued confidence in its strategic direction and market positioning, driven by its innovative data storage solutions tailored for cloud and enterprise customers investing in AI and data-driven initiatives. For more information visit here.
