Seagate Technology PLC (NASDAQ:STX) stock was flying high on Monday following the release of a positive earnings report for its fiscal first quarter of 2018.
The good news for STX stock starts off with earnings per share of 96 cents for its fiscal first quarter of 2018. This is a drop from its earnings per share of 99 cents from the same time last year. However, it came in well above Wall Street’s earnings per share estimate of 85 cents for the quarter.
Seagate Technology PLC also reported revenue of $2.63 billion in its fiscal first quarter of 2018. The electronic data storage company reported revenue of $2.80 billion in its fiscal first quarter of 2017. Analysts were looking for the company to report revenue of $2.52 billion during its fiscal first quarter of the year.
Operating income reported by Seagate Technology PLC in its fiscal first quarter of 2018 was $255 million. This is an increase over its operating income of $221 million from the same period of the year prior.
During its fiscal first quarter of 2018, Seagate Technology PLC reported net income of $181 million. This is up from the net income of $167 million that was reported in its fiscal first quarter of the previous year.
Seagate Technology PLC has also announced a quarterly dividend of 63 cents per share. This dividend will be payable to holders of STX stock on Jan. 6, 2018. Investors must be on record as of Dec. 20, 2017 to receive the dividend.
Seagate Technology PLC didn’t provide a guidance for its fiscal full year of 2018 in the recent earnings report. Wall Street is expecting the company to report earnings per share of $3.63 on revenue of $10 billion for the year.
STX stock was up 12% as of noon Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
