NetApp Reports Strong Quarterly Results -- Earnings Review
August 15 2018 - 3:53PM
Dow Jones News
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 maria.armental@wsj.com
(END) Dow Jones Newswires
August 15, 2018 16:38 ET (20:38 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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