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NetApp Inc. : NetApp Third-Quarter Net Up 32% on Software, Services Segments

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02/13/2013 | 10:36pm CEST
   By Ben Fox Rubin 

NetApp Inc.'s (NTAP) fiscal third-quarter earnings jumped 32% as the data-storage firm's smaller software and services segments made up for a slight decline in product sales.

For the fiscal fourth quarter, the company forecast adjusted earnings of 65 cents to 70 cents a share and revenue of $1.7 billion to $1.8 billion. Analysts surveyed by Thomson Reuters most recently expected 65 cents and $1.75 billion, respectively.

NetApp, which stores and manages clients' information, had been reporting sharply lower earnings since August as some customers--particularly defense and financial-services companies--avoided spending on data centers. Uncertainty in Europe also hurt the company's ability to predict future sales, executives had said.

For the quarter ended Jan. 25, the company reported earnings of $158.1 million, or 43 cents a share, up from $119.6 million, or 32 cents a share, a year earlier. Excluding stock-based compensation and other items, per-share earnings were up at 67 cents from 58 cents.

Revenue improved 4.1% to $1.63 billion.

The company in November forecast adjusted earnings of 53 cents to 58 cents a share on revenue of $1.58 billion to $1.68 billion.

Gross margin widened to 59.2% from 58%, though input costs grew 1.2%.

Product sales, which make up the bulk of revenue, slipped 0.2%. Software revenue rose 12%, and service revenue grew 14%.

Shares closed Wednesday at $35.82 and were up 0.8% after hours. As of the close, the stock was up 36% over the past three months, buoyed in part by November's better-than-feared fiscal second-quarter results.

Write to Ben Fox Rubin at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials ($)
Sales 2018 5 631 M
EBIT 2018 1 036 M
Net income 2018 627 M
Finance 2018 2 722 M
Yield 2018 1,98%
P/E ratio 2018 16,60
P/E ratio 2019 15,62
EV / Sales 2018 1,45x
EV / Sales 2019 1,36x
Capitalization 10 903 M
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NetApp Inc. Technical Analysis Chart | NTAP | US64110D1046 | 4-Traders
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Mean consensus HOLD
Number of Analysts 32
Average target price 42,5 $
Spread / Average Target 5,7%
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George Kurian President, Chief Executive Officer & Director
Thomas Michael Nevens Chairman
Bill Berg Senior Vice President-Operations
Ronald J. Pasek Chief Financial Officer & Executive Vice President
Mark F. Bregman Chief Technology Officer
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