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NetApp Jumps on Earnings Beat, Outlook

Stocks in this article: NTAP

NEW YORK ( TheStreet) -- Shares of NetApp (NTAP) were surging in late trades after the storage and data management technology company reported an above-consensus profit in its latest quarter and gave a solid outlook.

The stock was last quoted at $33.53, up 5.6%, on volume of 600,000, according to

Sunnyvale, Calif.-based NetApp reported a non-GAAP profit of $156 million, or 42 cents a share, for its fiscal first quarter ended in July on revenue of $1.445 billion. The performance was down from year-ago equivalent earnings of $222 million, or 55 cents a share, but ahead of the average estimate of analysts polled by Thomson Reuters for a profit of 38 cents a share.

The revenue total was a bit shy of Wall Street expectations of $1.457 billion.

"NetApp produced non-GAAP earnings per share above and revenue in line with our prior guidance," said Tom Georgens, the company's president and CEO, in a press release, adding later: "We continue to deliver on multiple fronts, advancing our technology and partnerships. With our best-of-breed partnering strategy and ongoing innovation-led solutions, we enable our customers to scale their business without limits."

For its fiscal second quarter ending in October, the company forecast non-GAAP earnings of 45 to 50 cents a share and revenue ranging from $1.5 billion to $1.6 billion. The current consensus view is for a profit of 46 cents a share on revenue of $1.535 billion.

Shares of NetApp closed Wednesday's regular session at $31.75, up 1% ahead of the report. Year-to-date, the stock was down 12.5% ahead of the after-hours move.

Since hitting a high of $46.80 on April 3, the shares have sunk more than 30% with the big spike lower coming in late May after the company reported its fourth-quarter results and gave a disappointing forecast for the first quarter, citing macro uncertainty amid poor business conditions in Europe.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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