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NetApp 4Q beats Street; 1Q guidance upbeat

Wed, 05/25/2011 - 2:05pm
The Associated Press

Computer network company NetApp Inc. said Wednesday that its fourth-quarter net income rose 11 percent as revenue grew on demand for its data storage and cloud computing solutions.

The results and NetApp's forecast for net income and revenue in the current quarter were above Wall Street's expectations, sending the company's shares up 4 percent in extended trading.

Net income in the three months to April 29 rose to $161 million, or 40 cents per share, from $145 million, or 40 cents per share, a year earlier.

Excluding stock-based compensation, interest expenses and other factors, adjusted earnings came to 59 cents per share. That beat the 52 cents per share predicted by analysts polled by FactSet.

Revenue rose 22 percent to $1.43 billion from $1.17 billion a year ago, also beating the $1.39 billion expected by analysts.

The company said it expected fiscal first-quarter revenue of about $1.5 billion, plus or minus 3 percent. Analysts were expecting revenue of $1.39 billion.

It also forecast first-quarter adjusted earnings of 52 cents to 57 cents per share, above the 50 cents forecast by analysts.

Shares rose $2.11, or 4 percent, to $53.84 in after-hours trade Wednesday after closing up 26 cents at $51.73 in the regular session.

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