Seagate Technology plc. today reported financial results for the quarter ended September 29, 2017. For the first quarter, the Company reported revenue of $2.6 billion, gross margin of 28.0%, net income of $181 million and diluted earnings per share of $0.62. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 29.0%, net income of $279 million and diluted earnings per share of $0.96.

During the first quarter, the Company generated $237 million in cash flow from operations and returned approximately $350 million to shareholders in the form of dividends and share repurchases. Cash and cash equivalents totaled approximately $2.3 billion at the end of the quarter. There were 289 million ordinary shares issued and outstanding as of the end of the quarter.

"The results of our performance this quarter reflect solid execution and market demand for our storage product portfolio," said Dave Mosley, Seagate's chief executive officer. "Seagate delivered record levels of exabyte shipments and generated sequential growth in revenue and profit. As the demand for storage continues to benefit from the proliferation of data, Seagate is in a strong position to grow its businesses, improve profitability and continue with its shareholder-return objectives."

For a detailed reconciliation of GAAP to non-GAAP results, see accompanying financial tables.