NetApp (NASDAQ:NTAP) saw its profit rise in the most recent quarter, coming up above estimates.
Earnings and Revenue The company experienced stronger-than-expected EPS and revenues. The company reported adjusted net income of 66 cents a share versus the 49 cents a share estimate and revenues of $1.7 billion versus the $1.68 billion estimate. The company's reported EPS came in above the high estimate of 10 analysts of a profit of 54 cents.
For the fourth quarter, the company reported profit of $180.7 million. This is 12.5% higher than the year-ago quarter. Revenue climbed 19.2% from $1.51 billion in the same period last year.
History Against Expectations The company topped expectations last quarter after falling short of forecasts in the third quarter. It reported net income of 39 cents versus a mean estimate of net income of 44 cents per share.
Official Comment: "With a strong product offering and well established partner ecosystem, NetApp delivered our ninth consecutive quarter of over 20% year-over-year product revenue growth. Our ability to generate cash remains robust as the fourth quarter was our best ever quarter in terms of cash flow from operations," said Tom Georgens, president and CEO. "As the innovation leader in the industry, and the only company offering a unified scale out platform, we are the clear choice for enterprises as they re-architect their data centers to provide agility while reducing complexity and cost."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.