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NetApp beats Street 1Q forecasts

SUNNYVALE, Calif. (AP) _ NetApp Inc. (NTAP) on Wednesday reported fiscal first-quarter earnings of $136 million.

On a per-share basis, the Sunnyvale, California-based company said it had net income of 49 cents. Earnings, adjusted for one-time gains and costs, were 62 cents per share.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.

The data storage company posted revenue of $1.33 billion in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $1.31 billion.

For the current quarter ending in November, NetApp expects its per-share earnings to range from 64 cents to 72 cents.

The company said it expects revenue in the range of $1.31 billion to $1.46 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $1.36 billion.

NetApp shares have increased 20 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 10 percent. In the final minutes of trading on Wednesday, shares hit $42.36, a climb of 46 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NTAP at https://www.zacks.com/ap/NTAP

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Keywords: NetApp, Earnings Report