NetApp Inc. said its fourth-quarter net income increased 42.63% on a GAAP basis from the same quarter a year ago as revenues rose significantly.
The company posted net income of $271 million, or 99 cents per share for the quarter that ended April 27, up from $190 million, or 68 cents per share in the year-ago period on a GAAP basis.
On a non-GAAP basis, the company reported net income of $288 million, or $1.05 per share, from $239 million, or 86 cents per share in the prior-year quarter, beating the S&P CapitalIQ EPS estimate of $1.01.
Net revenue rose 11% to $1.64 billion from $1.48 billion in the fourth quarter of 2017. Income from operations increased to $287 million from $247 million a year ago.
For fiscal year 2018, the company posted a sharp decline in GAAP net income owing to a onetime charge of about $850 million under the 2017 U.S. tax law. Net income for the fiscal year was $76 million, or 28 cents per share, down from $509 million, or $1.81 per share in fiscal year 2017.
On a non-GAAP basis, the company posted net income of $957 million, or $3.47 per share, from $768 million, or $2.73 per share, beating the S&P CapitalIQ EPS estimate of $3.43.
Revenue for fiscal year 2018 came in at $5.91 billion, 7% higher than the previous fiscal year's figure of $5.52 billion. Income from operations jumped to $1.13 billion from $665 million in 2017.
The company expects GAAP EPS between 53 cents and 59 cents for the first quarter of fiscal year 2019. On a non-GAAP basis, EPS is expected to be between 76 cents and 82 cents.
For the first quarter of fiscal 2019, NetApp will double its dividend to 40 cents per share. The record date for the dividend is July 6 and payout will be made out July 25.
