Seagate Technology Holdings plc (NASDAQ: STX) on July 28, reported financial results for its fourth quarter and the fiscal year ending July 1, 2022.

Seagate generated US$180 million in cash flow from operations and $108 million in free cash flow during the fiscal fourth quarter of 2022. For the fiscal year 2022, the company generated $1.7 billion in cash flow from operations and $1.3 billion in free cash flow.

During the fiscal fourth quarter, the company paid cash dividends of $152 million and repurchased 6 million ordinary shares for $486 million.

For the full year, the company paid cash dividends of $610 million and used $1.8 billion to repurchase 20 million ordinary shares or 9 per cent of the outstanding shares. Cash and cash equivalents totalled $615 million.

“Our June quarter results reflect stable mass capacity storage demand, offset by COVID restrictive measures in Asia and weakening global economic conditions on our other end markets. These impacts were most pronounced in our consumer-facing Legacy markets,” said Dave Mosley, Seagate’s chief executive officer.

“The confluence of macro-related challenges is continuing into the September quarter. In this environment, we reduce our production plans to maintain supply discipline as our customers manage through macro uncertainty and ongoing non-HDD component shortages.

"We are diligently managing expenses to protect profitability. Looking further ahead, I remain confident that the multiple secular growth trends fueling demand for data and mass capacity storage solutions remain intact.”

The company set its business outlook for the fiscal first quarter of 2023 with revenue of $2.5 billion, plus or minus $150 million and Non-GAAP diluted EPS of $1.40, plus or minus $0.20. — VNS