Seagate has reported for the year: with almost constant income, profit halved

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Last updated on December 8th, 2022 at 02:21 pm

Fiscal 2020 revenue of $ 10.51 billion

Seagate ended its fiscal 2020 fourth quarter on July 3. Today, the manufacturer released a corresponding report, including indicators for the quarter and the year as a whole.

Fiscal 2020 revenue
Fiscal 2020 revenue

Seagate has reported for the year: with almost constant income, profit halved

It generated revenue of $ 2.517 billion for the quarter. A year ago, this figure was equal to $ 2.371 billion. Gross profit on an annualized basis remained almost unchanged at 26.5%. At the same time, the net profit for the quarter was equal to $ 166 million, whereas a year ago it reached $ 983 million.

The drafters of the report explain that the high net income earned a year ago was the result of a one-time tax credit of $ 702 million. A non-GAAP calculation that does not include this and certain other amounts yields $ 265 million in fiscal 2019 fourth-quarter net income and $ 311 million in fiscal fourth-quarter 2020.

In terms of results for the year as a whole, the report cites revenues of $ 10.509 billion and a net income of $ 1.004 billion. The previous fiscal year brought Seagate in revenues of $ 10.390 billion and a net income of $ 2.012 billion. Again, the non-GAAP calculation shows that net income for the year, although decreased, but not so significantly – from $ 1.474 billion to $ 1.311 billion.

At the end of the year, Seagate had $ 1.7 billion in cash and cash equivalents at its disposal.

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