NetApp Inc. Q3 Profit Decreases, but beats estimates

(RTTNews) - NetApp Inc. (NTAP) released earnings for third quarter that decreased from last year but beat the Street estimates.

The company's earnings totaled $65 million, or $0.30 per share. This compares with $252 million, or $1.10 per share, in last year's third quarter.

Excluding items, NetApp Inc. reported adjusted earnings of $301 million or $1.37 per share for the period.

Analysts on average had expected the company to earn $1.31 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 5.0% to $1.53 billion from $1.61 billion last year.

NetApp Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $65 Mln. vs. $252 Mln. last year. -EPS (Q3): $0.30 vs. $1.10 last year. -Analyst Estimates: $1.31 -Revenue (Q3): $1.53 Bln vs. $1.61 Bln last year.

-Guidance: Next quarter EPS guidance: $1.30 - $1.40 Next quarter revenue guidance: $1.475 - $1.625 Bln Full year EPS guidance: $5.30 - $5.50