NetApp Earnings: Here’s Why Investors are Excited Now
NetApp, Inc. (NASDAQ:NTAP) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.08%.
NetApp, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 31.37% to $0.67 in the quarter versus EPS of $0.58 in the year-earlier quarter.
Revenue: Rose 4.13% to $1.63 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: NetApp, Inc. reported adjusted EPS income of $0.67 per share. By that measure, the company beat the mean analyst estimate of $0.56. It beat the average revenue estimate of $1.62 billion.
Quoting Management: “NetApp delivered solid financial results again this quarter. The value proposition of Data ONTAP® for shared storage infrastructures and the price performance characteristics of the E-series for dedicated storage infrastructures helped drive strong growth in our branded business,” said Tom Georgens, president and CEO. “The robust adoption of clustered Data ONTAP, our industry-leading flash portfolio, and our best-of-breed partnerships position us well for continued growth.”
Key Stats (on next page)…
Revenue increased 5.77% from $1.54 billion in the previous quarter. EPS increased 31.37% from $0.51 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.64 to a profit $0.65. For the current year, the average estimate has moved up from a profit of $2.08 to a profit of $2.15 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)