NetApp Q1 Profit Tops Estimate

(RTTNews) - NetApp, Inc. (NTAP) reported net income for the first quarter of $88.4 million or $0.27 per share, compared to $81.6 million or $0.23 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $197.5 million or $0.60 per share, compared to $191.9 million or $0.53 per share in the prior year quarter.

Net revenue for the first quarter declined to $1.49 billion from $1.52 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.57 per share on revenue of $1.47 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts net revenues of $1.49 billion to $1.59 billion, earnings of $0.45 to $0.50 per share and adjusted earnings $0.66 to $0.71 per share. Analyst currently expect the company to earn $0.69 per share on revenue of $1.53 billion for the second quarter.