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February 17, 2010

NetApp Q3 revenues surge 35% to $1.01bn

Anticipates Q4 revenues to be in the range of $1.07bn to $1.1bn

By CBR Staff Writer

NetApp has reported revenues of $1.01bn for the third quarter of fiscal year 2010, an increase of 35% compared to $746m for the same period last year, which included a $128m settlement with the Government Services Administration. Product and services revenues were 618.9m and $221.8m, respectively.

The company posted an operating income of $129.3m for the third quarter of fiscal 2010, an increase compared to an operating loss of $91.1m for the same period last year.

For the third fiscal quarter of 2010, the company posted net income of $108m, or $0.30 per share, compared to net loss of $82m, or $0.25 per share for the same period in the prior year.

Tom Georgens, president and CEO, said: The NetApp team demonstrated remarkable execution this quarter. With record revenues, record profits and record EPS, the company produced double-digit year over year revenue growth and our operations team shipped a record number of systems, despite persistent supply constraints.

“I am very pleased with the breadth of our progress. Business levels grew in every major geography, we gained momentum in both our channel and our direct business, and clearly gained market share this quarter.

NetApp anticipates revenue for the fourth quarter of fiscal year 2010 to be in the range of $1.07bn to $1.1bn. Earnings per share is expected to be approximately $0.31 to $0.33 per share.

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