Seagate (STX) Beats Q4 Earnings and Revenue Estimates

Company Performance - Seagate reported quarterly earnings of $1.05 per share, exceeding the Zacks Consensus Estimate of $0.75 per share, compared to a loss of $0.18 per share a year ago, indicating a significant turnaround [1] - The company achieved a revenue of $1.89 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.50% and showing an increase from $1.6 billion in the same quarter last year [1] - Over the last four quarters, Seagate has surpassed consensus EPS estimates three times, demonstrating consistent performance [1] Stock Performance - Seagate shares have increased approximately 24.4% since the beginning of the year, outperforming the S&P 500's gain of 16.7% [2] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating expectations for it to outperform the market in the near future [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.03 on revenues of $2.02 billion, and for the current fiscal year, it is $5.84 on revenues of $8.93 billion [4] - The Technology Services industry, to which Seagate belongs, is ranked in the top 38% of over 250 Zacks industries, suggesting a favorable industry outlook [4] Related Industry Insights - Distribution Solutions Group (DSGR), another company in the same industry, is expected to report quarterly earnings of $0.32 per share, reflecting a year-over-year increase of 23.1% [5] - The expected revenue for Distribution Solutions Group is $437.4 million, which is a 15.7% increase from the previous year [5]