Seagate Technology. (NASDAQ:STX) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 4.44%.
Seagate Technology. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 50.21% to $1.20 in the quarter versus EPS of $2.41 in the year-earlier quarter.
Revenue: Decreased 23.58% to $3.43 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Seagate Technology. reported adjusted EPS income of $1.20 per share. By that measure, the company beat the mean analyst estimate of $1.19. It beat the average revenue estimate of $3.42 billion.
Quoting Management: “Seagate’s financial results reflect strong execution in a time of change, uncertainty and opportunity,” said Steve Luczo, Seagate’s chairman, president and chief executive officer. “Looking ahead, we believe the market trends of data growth driven by cloud, mobile and open source advancement will present new and significant opportunities for Seagate. We will continue to balance near-term financial performance and long term strategic development while maximizing shareholder value.”
Key Stats (on next page)…
Revenue decreased 2.86% from $3.53 billion in the previous quarter. EPS decreased 4.76% from $1.26 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $1.31 to a profit $1.32. For the current year, the average estimate has moved up from a profit of $5.21 to a profit of $5.30 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)