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NetApp profit misses consensus by 32.5% in fiscal Q3

NetApp Inc. said its normalized net income for the fiscal third quarter ended Jan. 27 came to 50 cents per share, compared with the S&P Capital IQ consensus estimate of 74 cents per share.

EPS increased 43.6% year over year from 35 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $140.6 million, an increase of 36.4% from $103.1 million in the prior-year period.

The normalized profit margin increased to 10.0% from 7.4% in the year-earlier period.

Total revenue rose on an annual basis to $1.40 billion from $1.39 billion, and total operating expenses fell on an annual basis to $1.18 billion from $1.22 billion.

Reported net income came to $146.1 million, or 52 cents per share, compared with $153.9 million, or 52 cents per share, in the prior-year period.