Publish date:

Network Appliance Earnings Mixed

The data-storage equipment maker beats the Street on both lines but misses on next-quarter earnings. estimates.

Network Appliance (NTAP) - Get NetApp, Inc. (NTAP) Report grew third-quarter revenue by 36% year over year, while earnings, weighed down by charges for stock options and acquisition-related costs, dropped 13%.

The maker of network storage gear on Wednesday said it earned $66.5 million, or 17 cents a share, down from $76.4 million, or 20 cents a share, last year.

Revenue was $729.3 million, compared with $537 million in the same quarter of last year.

Excluding various charges, the company posted a profit of 29 cents a share, an improvement of 7 cents a share a year ago on the same basis. Analysts polled by Thomson First Call were looking for a profit of 28 cents a share on revenue of $703.5 million.

TheStreet Recommends

Looking to the fourth -- or April quarter -- NTAP expects revenue to increase sequentially by 8% to 10%, or a range of $787.6 million to $802.2 million with a non-GAAP EPS of 30 cents.

Analysts were forecasting EPS of 31 cents on revenue of $776.5 million.

Revenue for the full year should increase by 35% to 36% ($2.78 billion to $2.8 billion) with EPS of $1.11 to $1.12. Wall Street was expecting EPS of $1.12 on sales of $2.75 billion.

In after-market trading shares were recently off $1.01, or 2.6%, to $37.40.