NetApp Reports Strong Quarterly Results -- Earnings Review

   By Maria Armental 
 

NetApp Inc. reported first-quarter results on Wednesday. Here is what you need to know:

PROFIT: Net income more than doubled to $283 million, or $1.05 a share, from $131 million, or 47 cents a share, a year earlier. Excluding stock-based compensation and other items, profit rose to $1.04 a share from 60 cents a share. The company had forecast a per-share profit between 53 cents and 59 cents, or between 76 cents and 82 cents on an adjusted basis. Analysts surveyed by Thomson Reuters projected 63 cents a share, or 80 cents a share as adjusted.

REVENUE: Net revenue rose 12% to $1.47 billion, beating the consensus forecast of $1.42 billion and landing at the high end of the company's projected range between $1.37 billion and $1.47 billion.

GROSS MARGIN: Gross profit margin improved to 65.3% from 62.4% a year earlier.

OUTLOOK: NetApp projects per-share profit of 79 cents to 85 cents this quarter, or 94 cents to $1 on an adjusted basis, on $1.45 billion to $1.55 billion in revenue. Analysts expect a profit of 81 cents a share, or 97 cents a share as adjusted, on $1.51 billion in revenue.

CASH & DEBT: NetApp ended the quarter with $4.81 billion in cash, compared with $5.39 billion in cash in the fourth quarter. Long-term debt slightly rose from the prior quarter to $1.54 billion.

STOCK: Shares, which outperform the market having nearly doubled in value over the past 12 months, rose 0.5% in after-hours trading. Shares closed Wednesday slightly down at $82.47.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

August 15, 2018 16:38 ET (20:38 GMT)

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