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NetApp, Inc. Message Board

  • fgtd100 fgtd100 Nov 14, 2012 4:54 PM Flag

    NetApp 2nd-Quarter Profit Down 34% on Costs, Lower Revenue

    NetApp 2nd-Quarter Profit Down 34% on Costs, Lower Revenue
    Last update: 11/14/2012 4:45:13 PM


    NetApp Inc.'s (NTAP) fiscal second-quarter earnings fell 34% as the data-storage company recorded higher costs and lower sales at its largest segment, though adjusted earnings beat its expectations.
    Shares were up 9.7% at $29.75 in after-hours trading.

    For the current period, NetApp forecasts adjusted per-share earnings of 53 cents to 58 cents and revenue of $1.58 billion to $1.68 billion. Analysts polled by Thomson Reuters projected a profit of 54 cents a share on revenue of $1.62 billion. The company noted continued uncertainty in the macroeconomic environment in giving its guidance.

    NetApp, which stores and manages clients' information, has reported mixed earnings in recent quarters as some customers--particularly defense and financial-services companies--avoid spending on data centers. Macroeconomic concerns in Europe have also led to further softness in technology buying. In contrast, its larger rival EMC Corp. (EMC) has been posting record quarters.

    For the quarter ended Oct. 26, the company reported earnings of $109.6 million, or 30 cents a share, up from $165.6 million, or 44 cents a share, a year earlier. Excluding stock-based compensation and other impacts, per-share earnings fell to 51 cents from 63 cents.
    Revenue grew 2.3% to $1.54 billion.

    In August, NetApp estimated earnings of 45 cents to 50 cents a share on revenue of $1.5 billion to $1.6 billion.
    Gross margin narrowed to 59.3% from 60.6%, as costs grew 5.6%.
    Product sales, contributing the bulk of the top line, decreased 2%. Software segment revenue rose 11%, and service segments revenue grew 11%.

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NTAP
35.87-0.37(-1.02%)Apr 17 4:00 PMEDT

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