NetApp tops Street 3Q forecasts

SUNNYVALE, Calif. (AP) _ NetApp Inc. (NTAP) on Wednesday reported fiscal third-quarter profit of $146 million.

On a per-share basis, the Sunnyvale, California-based company said it had net income of 52 cents. Earnings, adjusted for one-time gains and costs, were 82 cents per share.

The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.

The data storage company posted revenue of $1.4 billion in the period, which also topped Street forecasts. Ten analysts surveyed by Zacks expected $1.39 billion.

For the current quarter ending in April, NetApp expects its per-share earnings to range from 79 cents to 84 cents.

The company said it expects revenue in the range of $1.37 billion to $1.52 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $1.4 billion.

NetApp shares have climbed 10 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 5 percent. In the final minutes of trading on Wednesday, shares hit $38.93, a climb of 69 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NTAP at https://www.zacks.com/ap/NTAP

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Keywords: NetApp, Earnings Report