U.S. Markets closed

NetApp: Fiscal 3Q Earnings Snapshot

SUNNYVALE, Calif. (AP) _ NetApp Inc. (NTAP) on Wednesday reported fiscal third-quarter net income of $249 million, after reporting a loss in the same period a year earlier.

The Sunnyvale, California-based company said it had net income of 98 cents per share. Earnings, adjusted for stock option expense and amortization costs, were $1.20 per share.

The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.15 per share.

The data storage company posted revenue of $1.56 billion in the period, which did not meet Street forecasts. Nine analysts surveyed by Zacks expected $1.6 billion.

For the current quarter ending in April, NetApp expects its per-share earnings to range from $1.22 to $1.28. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.25.

The company said it expects revenue in the range of $1.59 billion to $1.69 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $1.71 billion.

NetApp shares have increased 13 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 10 percent. In the final minutes of trading on Wednesday, shares hit $67.57, a rise of 15 percent in the last 12 months.

_____

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