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NetApp profit misses consensus by 46.6% in fiscal Q1

NetApp Inc. said its normalized net income for the fiscal first quarter ended July 25 was 30 cents per share, compared with the S&P Capital IQ consensus estimate of 57 cents per share.

EPS climbed 24.4% year over year from 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $99.9 million, an increase of 13.7% from $87.9 million in the prior-year period.

The normalized profit margin increased to 6.6% from 5.8% in the year-earlier period.

Total revenue declined year over year to $1.49 billion from $1.52 billion, and total operating expenses fell on an annual basis to $1.33 billion from $1.37 billion.

Reported net income grew 7.3% year over year to $88.9 million, or 27 cents per share, from $82.8 million, or 23 cents per share.