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NetApp: Fiscal 4Q Earnings Snapshot

SUNNYVALE, Calif. (AP) _ NetApp Inc. (NTAP) on Wednesday reported fiscal fourth-quarter earnings of $396 million.

On a per-share basis, the Sunnyvale, California-based company said it had profit of $1.59. Earnings, adjusted for non-recurring gains, were $1.22 per share.

The results fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.

The data storage company posted revenue of $1.59 billion in the period, also missing Street forecasts. Nine analysts surveyed by Zacks expected $1.65 billion.

For the year, the company reported profit of $1.17 billion, or $4.51 per share. Revenue was reported as $6.15 billion.

For the current quarter ending in August, NetApp expects its per-share earnings to range from 78 cents to 86 cents. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.04.

The company said it expects revenue in the range of $1.32 billion to $1.47 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $1.51 billion.

NetApp shares have risen 13% since the beginning of the year, while the Standard & Poor's 500 index has increased 14%. In the final minutes of trading on Wednesday, shares hit $67.18, climbing slightly 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