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NetApp profit misses consensus by 37.4% in fiscal Q1

NetApp Inc. said its normalized net income for the fiscal first quarter ended July 28 came to 34 cents per share, compared with the S&P Capital IQ consensus estimate of 55 cents per share.

EPS climbed 68.7% year over year from 20 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $95.6 million, an increase of 66.3% from $57.5 million in the prior-year period.

The normalized profit margin climbed to 7.2% from 4.4% in the year-earlier period.

Total revenue rose year over year to $1.32 billion from $1.29 billion, and total operating expenses declined year over year to $1.18 billion from $1.20 billion.

Reported net income rose 110.0% from the prior-year period to $136.2 million, or 49 cents per share, from $64.9 million, or 23 cents per share.