NetApp Inc. Q1 Profit Increases, Beats Estimates

(RTTNews) - NetApp Inc. (NTAP) reported a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company's earnings came in at $248 million, or $1.17 per share. This compares with $149 million, or $0.69 per share, in last year's first quarter.

Excluding items, NetApp Inc. reported adjusted earnings of $330 million or $1.56 per share for the period.

Analysts on average had expected the company to earn $1.45 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 7.6% to $1.541 billion from $1.432 billion last year.

NetApp Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $248 Mln. vs. $149 Mln. last year. -EPS (Q1): $1.17 vs. $0.69 last year. -Revenue (Q1): $1.541 Bln vs. $1.432 Bln last year.

-Guidance: Next quarter EPS guidance: $1.73 - $1.83 Next quarter revenue guidance: $1.565 - $1.715 Bln Full year EPS guidance: $7.00 - $7.20 Full year revenue guidance: $6.480 - $6.680 Bln