NetApp posts 31 pc increase in Q3 revenue

BANGALORE, INDIA: Data storage company NetApp reported GAAP net income of $158 million at $0.43 per share for the third quarter of fiscal year 2013, which ended on January 25, 2013. This is about 31 per cent more than the same period a year ago, when it reported $120 million at $0.32 per share.

Revenues for the third quarter of fiscal year 2013 totaled $1.630 billion and were in line with prior guidance, said the company in a statement. Revenues for the same period a year ago totaled $1.566 billion.

NetApp's non-GAAP net income for the third quarter of fiscal year 2013 was $243 million, or $0.67 per share, compared to non-GAAP net income of $216 million, or $0.58 per share for the same period a year ago.

Revenues for the first nine months of fiscal year 2013 totaled $4.616 billion compared to revenues of $4.531 billion for the first nine months of the prior fiscal year. GAAP net income for the first nine months of fiscal year 2013 totaled $332 million, or $0.90 per share, compared to GAAP net income of $425 million, or $1.10 per share for the first nine months of the prior fiscal year.

Non-GAAP net income for the first nine months of fiscal year 2013 totaled $588 million, or $1.60 per share, compared to non-GAAP net income of $674 million, or $1.75 per share for the first nine months of the prior fiscal year.

"NetApp delivered solid financial results again this quarter. The value proposition of Data Ontap for shared storage infrastructures and the price performance characteristics of the E-series for dedicated storage infrastructures helped drive strong growth in our branded business," said Tom Georgens, president and CEO. "The robust adoption of clustered Data ONTAP, our industry-leading flash portfolio, and our best-of-breed partnerships position us well for continued growth."

NetApp estimates revenue for the fourth quarter of fiscal year 2013 to be in the range of $1.700 billion to $1.800 billion. It estimates GAAP earnings per share for the fourth quarter of fiscal year 2013 to be approximately $0.43 to $0.48 per share. NetApp estimates non-GAAP earnings per share for the fourth quarter of fiscal year 2013 to be approximately $0.65 to $0.70 per share.

The company also estimates that the share count for the fourth quarter of fiscal year 2013 will increase to approximately 372 million shares.

NetApp acquires ionGrid

NetApp also announced that it has completed the acquisition of ionGrid, a privately-held software company based in Mountain View, California. Financial terms of the acquisition are not being disclosed at this time.

The acquisition provides NetApp customers with a solution for accessing enterprise file shares from mobile devices.