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NetApp posts $506M quarterly net loss on GAAP basis

NetApp Inc. posted a net loss of $506 million on a GAAP basis in its fiscal third quarter of 2018 owing to a one-time mandatory transition tax on accumulated foreign earnings of $856 million.

The company had net income of $146 million in the corresponding prior-year quarter.

NetApp reported a loss of $1.89 per share for the quarter, down from income of 52 cents per share in the year-ago quarter.

Revenues increased to $1.52 billion, from $1.40 billion in the third quarter of fiscal 2017. Income from operations grew to $471 million, up substantially from $183 million in the previous-year quarter.

The data management and storage company's net income on a non-GAAP basis was $273 million, an increase from $231 million. Non-GAAP earnings per share came in at 99 cents, a significant increase from 82 cents previously.

NetApp posted a net loss for the nine-month period of $195 million, down from $319 million net income in the year-ago period. The loss per share for the nine-month period was 72 cents, down from $1.13 earnings per share last year.

The company expects net revenue between $1.53 billion and $1.68 billion in the fourth quarter of fiscal 2018. Earnings per share on a GAAP basis are expected to be between 75 cents and 83 cents.

In addition, the company announced a dividend of 20 cents per share for the fiscal third quarter, a slight increase from 19 cents in the prior-year quarter.