NetApp Inc. Earnings: Booking a Profit Again
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NetApp Earnings Cheat Sheet for the Third Quarter
Results: Net income for the data storage devices company fell to $119.6 million (32 cents per share) vs. $186.4 million (46 cents per share) a year earlier. This is a decline of 35.8% from the year earlier quarter.
Revenue: Rose 21.4% to $1.57 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: NetApp Inc. reported adjusted net income of 58 cents per share. By that measure, the company beat the mean estimate of 44 cents per share. Analysts were expecting revenue of $1.56 billion.
Quoting Management: “More and more customers are leveraging storage virtualization to re-architect their data centers in order to gain efficiency, flexibility and cost savings, and NetApp provides the most compelling value proposition in the industry for both private and public cloud deployments,” said Tom Georgens, president and CEO. “Our success is evident in our results, as NetApp won a record number of new customers, significantly increased our units shipped — including a record number of high-end systems, and saw solid revenue growth across almost all geographies in our third quarter.”
The company has now beaten estimates the last two quarters. In the second quarter, it topped expectations with net income of 50 cents versus a mean estimate of net income of 49 cents per share.
Looking Forward: Over the past ninety days, the average estimate for the fourth quarter has fallen from 57 cents per share to 49 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. The average estimate for the fiscal year is $1.85 per share, down from $2.01 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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