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NetApp profit misses consensus by 43.3% in fiscal Q1

NetApp Inc. said its normalized net income for the fiscal first quarter ended July 29 was 20 cents per share, compared with the S&P Capital IQ consensus estimate of 36 cents per share.

EPS climbed 1,883.5% year over year from 1 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $57.5 million, a gain of 1,740.0% from $3.1 million in the year-earlier period.

The normalized profit margin climbed to 4.4% from 0.2% in the year-earlier period.

Total revenue declined on an annual basis to $1.29 billion from $1.33 billion, and total operating expenses fell 10.0% on an annual basis to $1.20 billion from $1.33 billion.

Reported net income totaled $64.9 million, or 23 cents per share, compared with a loss of $30.4 million, or a loss of 10 cents per share, in the year-earlier period.