NetApp: Fiscal Q4 Earnings Snapshot

SUNNYVALE, Calif. (AP) _ NetApp Inc. (NTAP) on Wednesday reported fiscal fourth-quarter earnings of $334 million.

On a per-share basis, the Sunnyvale, California-based company said it had net income of $1.46. Earnings, adjusted for one-time gains and costs, were $1.17 per share.

The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.

The data storage company posted revenue of $1.56 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $1.5 billion.

For the current quarter ending in August, NetApp expects its per-share earnings to range from 89 cents to 97 cents.

The company said it expects revenue in the range of $1.37 billion to $1.47 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $1.37 billion.

NetApp expects full-year earnings in the range of $4.45 to $4.65 per share.

NetApp shares have climbed 16% since the beginning of the year, while the S&P’s 500 index has increased 12%. In the final minutes of trading on Wednesday, shares hit $77.06, a climb of 75% 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

The Associated Press