Network Appliance Beats Views

Network Appliance (NTAP Quote) posted better-than-expected second-quarter results and set a buyback plan for up to $650 million of its shares, sending the company's stock higher after hours Wednesday.

For the second quarter ended Oct. 28, the storage-networking gearmaker posted net income under generally accepted accounting principles of $70.7 million, or 18 cents a share, up from $55.3 million, or 15 cents a share, a year earlier.

Excluding items such as stock options and amortization, Network Appliance's non-GAAP income rose to $79.1 million, or 21 cents a share, from $58.4 million, or 16 cents a share, last year. Earnings on this basis beat Thomson First Call's mean analyst estimate of 18 cents, as well as the company's own August guidance of 18 cents to 19 cents. ...