Seagate Technology Holdings plc (NASDAQ:STX) Q3 2024 Earnings Call Transcript April 23, 2024 5:00 PM ET Company Participants Shanye Hudson - SVP, IR Dave Mosley - CEO Gianluca Romano - CFO Conference Call Participants Erik Woodring - Morgan Stanley Amit Daryanani - Evercore ISI Aaron Rakers - Wells Fargo Wamsi Mohan - Bank of America Krish Sankar - TD Cowen Steven Fox - Fox Advisors Timothy Arcuri - UBS Securities Karl Ackerman - BNP Paribas Ananda Baruah - Loop Capital Mehdi Hosseini - SIG C.J. Muse - Cant ...

Core Insights - Seagate reported $1.66 billion in revenue for the quarter ended March 2024, reflecting an 11% year-over-year decline, while EPS improved to $0.33 from -$0.28 a year ago [1] - The revenue fell slightly short of the Zacks Consensus Estimate of $1.67 billion, resulting in a surprise of -0.68%, but the EPS exceeded expectations by 22.22% compared to the consensus estimate of $0.27 [1] Performance Metrics - Seagate's stock has returned -3.4% over the past month, outperforming the Zacks S&P 500 composite's -4.2% change, and currently holds a Zacks Rank 3 (Hold) [2] - Capacity shipped for mass capacity HDDs was 88.5 EB, below the estimated 92.24 EB, while legacy HDDs shipped 10.6 EB against an estimate of 11.72 EB [3] - Revenue by product line showed HDD revenue at $1.48 billion, slightly below the average estimate of $1.49 billion, marking a year-over-year decline of 7.9% [3] - Enterprise Data Solutions, SSD & Other generated $178 million, exceeding the estimate of $175.92 million, but reflecting a significant 30.5% decline compared to the year-ago quarter [3] - Revenue from HDD mass capacity was reported at $1.18 billion, while legacy HDD revenue was $297 million, both slightly below their respective analyst estimates [3]

Seagate (STX) came out with quarterly earnings of $0.33 per share, beating the Zacks Consensus Estimate of $0.27 per share. This compares to loss of $0.28 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 22.22%. A quarter ago, it was expected that this electronic storage maker would post a loss of $0.07 per share when it actually produced earnings of $0.12, delivering a surprise of 271.43%.Over the last four quarters, the compa ...

Exhibit 99.1 Investor Relations Contact: Shanye Hudson, (510) 661-1600 shanye.hudson@seagate.com Media Contact: Agnieszka Zielinska, (503) 380-0948 agnieszka.zielinska@seagate.com SEAGATE TECHNOLOGY REPORTS FISCAL THIRD QUARTER 2024 FINANCIAL RESULTS Fiscal Q3 2024 Highlights FREMONT, CA – April 23, 2024 - Seagate Technology Holdings plc (NASDAQ: STX) (the "Company" or "Seagate"), the leading innovator of mass-capacity storage solutions, today reported financial results for its fiscal third quarter ended Ma ...

JHVEPhoto Thesis Seagate Technology Holdings plc (NASDAQ:STX) is at the forefront of the market for solving mass-capacity storage problems. With breakthrough technologies, its product portfolio consists of storage devices, systems, and services from edge to cloud for OEMs, distributors, retailers, and institutions. As of 04/12/24, STX's stock price was $85.19. Recently, Seagate provided forward guidance stating that its new Mozaic platform will undergo volume scaling. In response, I believe its Mozaic platf ...

Investors are always looking for stocks that are poised to beat at earnings season and Seagate Technology Holdings plc (STX) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Seagate Technologyis seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possibl ...

Core Insights - Seagate (STX) is expected to report quarterly earnings of $0.25 per share, a significant increase of 189.3% year-over-year, while revenues are forecasted to decline by 11.6% to $1.65 billion [1] - Analysts have revised the consensus EPS estimate upward by 11.3% over the last 30 days, indicating a reassessment of initial forecasts [1] - The correlation between earnings estimate revisions and short-term stock price performance is highlighted as a critical factor for investors [1] Revenue Estimates - Revenue from the HDD product line is projected to be $1.47 billion, reflecting a year-over-year decrease of 8.4% [2] - Revenue from Enterprise Data Solutions, SSD & Other is expected to reach $175.92 million, indicating a significant decline of 31.3% year-over-year [2] Capacity and Pricing Metrics - Analysts estimate that the total capacity shipped will be 101.93 EB, down from 118.7 EB in the same quarter last year [3] - The HDD price per terabyte is estimated at $14.28, slightly higher than the previous year's value of $14 [3] - Capacity shipped for mass capacity is expected to be 90.22 EB, compared to 104.1 EB reported in the same quarter last year [2] Stock Performance - Over the past month, Seagate shares have decreased by 3.7%, while the Zacks S&P 500 composite has seen a decline of 1.7% [3] - Seagate holds a Zacks Rank of 3 (Hold), suggesting that its performance is likely to align with the overall market in the near term [3]

Seagate Technology Holdings plc (STX) is scheduled to report third-quarter fiscal 2024 earnings on Apr 23.The Zacks Consensus Estimate for the earnings is pegged at 25 cents per share. STX reported a loss of 28 cents per share in the prior-year quarter. The consensus estimate for revenues is pegged at $1.65 billion, suggesting a decline of 11.6% from a year ago.Management anticipates third-quarter fiscal 2024 revenues to be $1.65 billion (+/- $150 million). Non-GAAP earnings are expected to be 25 cents per ...

Thursday was a fine day to load up on computer chip and storage stocks. In the latter category, data storage mainstay Seagate Technology (STX 1.18%) had a bullish trading session, closing more than 1% higher against the S&P 500 index's 0.3% upward crawl. Seagate largely has one of its tech sector peers to thank for that.The Micron effectThat peer is flash memory maker Micron Technology, which unveiled its latest set of quarterly results before market open. Happily for that company's shareholders and the ele ...

Core Viewpoint - Seagate Technology Holdings plc (STX) is experiencing strong momentum with a 39.4% share price increase over the past year, outperforming the S&P 500 Composite's 28.6% growth [1] Financial Performance - STX's fiscal 2024 revenues are projected to decline by 13.3%, but a significant rebound of 34.7% is expected in fiscal 2025 [1] - Earnings per share (EPS) are anticipated to rise by 126% to 43 cents in fiscal 2024 and by 951% to $4.52 in fiscal 2025 [3] - The Zacks Consensus Estimate for fiscal 2024 and 2025 EPS has increased by 59.3% and 6.9%, respectively, in the past 60 days [3] Growth Factors - Seagate is a leading provider of data storage technology, primarily offering hard disk drives (HDDs) and solid-state drives (SSDs) [4] - The company's performance is bolstered by increased demand for mass capacity storage driven by nearline cloud demand and improved sales to cloud customers [4] - Recent product innovations, such as the Mozaic 3+ hard drive platform featuring Heat-Assisted Magnetic Recording technology, position Seagate to capture market share in mass capacity storage [6] Market Outlook - Management expects third-quarter fiscal 2024 revenues to be around $1.65 billion, with a non-GAAP loss projected at 25 cents per share [7] - Incremental improvements in mass capacity demand from cloud and enterprise clients are anticipated to offset seasonal downturns in demand [6] Challenges - Global macroeconomic conditions, particularly a sluggish recovery in China, pose significant concerns for the company [8] - IT budget spending is expected to remain muted amid a volatile macro backdrop, impacting overall demand [8] - The legacy market is forecasted to see a sequential decline in revenues due to lower consumer demand post-holiday season [8]