NetApp 2Q net income rises as charges shrink

NetApp 2nd-quarter net income rises; company took a series of charges a year ago

Associated Press

NEW YORK (AP) -- NEWS: Data storage company NetApp said Thursday its net income jumped 52 percent in the fiscal second quarter as one-time charges decreased.

DETAILS: NetApp Inc. said its sales inched higher in the third quarter, which ended Oct. 25. A year ago the company's income was cut by a series of charges related to stock-based compensation, amortization, and interest costs.

NUMBERS: NetApp said its net income rose to $166.8 million, or 48 cents per share, from $109.6 million, or 30 cents per share. Excluding one-time items the company said it earned 66 cents per share in the latest quarter. Revenue rose 1 percent, to $1.55 billion from $1.54 billion.

Analysts expected earnings of 62 cents per share and $1.6 billion in revenue, according to FactSet.

FUTURE: The Sunnyvale, Calif., company is forecasting an adjusted profit of 68 to 73 cents per share in the fiscal third quarter on $1.58 billion to $1.68 billion in revenue.

Analysts expect 73 cents per share and $1.69 billion in revenue on average.

STOCK: Shares of NetApp rose $1.09, or 2.7 percent, to $41.29 Wednesday. The stock rose 11 cents to $41.40 in aftermarket trading.

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