NetApp Inc. Q1 Profit Decreases, but beats estimates

(RTTNews) - NetApp Inc. (NTAP) released earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings totaled $149 million, or $0.69 per share. This compares with $214 million, or $0.96 per share, in last year's first quarter.

Excluding items, NetApp Inc. reported adjusted earnings of $249 million or $1.15 per share for the period.

Analysts on average had expected the company to earn $1.07 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 10.1% to $1.43 billion from $1.59 billion last year.

NetApp Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $149 Mln. vs. $214 Mln. last year. -EPS (Q1): $0.69 vs. $0.96 last year. -Analyst Estimates: $1.07 -Revenue (Q1): $1.43 Bln vs. $1.59 Bln last year.

-Guidance: Next quarter EPS guidance: $1.35 - $1.45 Next quarter revenue guidance: $1.455 - $1.605 Bln Full year EPS guidance: $5.65 - $5.85