NetApp Inc. announced its earning for its fourth fiscal quarter of 2017 as well as its fiscal year earnings. Overall NetApp put up some fairly good numbers. They have seen a bit of turbulence in their stock over the last quarter but it more or less where it started. NetApp also pointed to fact that it has shipped over an exabyte of flash in the fiscal year of 2017. According to CEO George Kurian, when comparing all-flash business to competitors: “we're up 140% year-over-year as compared to others who are in the 30% range.”
NetApp Inc. announced its earning for its fourth fiscal quarter of 2017 as well as its fiscal year earnings. Overall NetApp put up some fairly good numbers. They have seen a bit of turbulence in their stock over the last quarter but it more or less where it started. NetApp also pointed to fact that it has shipped over an exabyte of flash in the fiscal year of 2017. According to CEO George Kurian, when comparing all-flash business to competitors: “we're up 140% year-over-year as compared to others who are in the 30% range.”
Looking at the numbers, NetApp reported net revenue of $1.48 billion for the fourth quarter. Net income was $190 million (or $0.68/share) GAAP for the quarter. This is a huge improvement form the same time last year where the company saw a GAAP net loss of $8 million (or $0.03/share). Non-GAAP net income was $239 million (or $0.86/share), again an improvement from the same time last year that was $157 million (or $0.55/share). The company was also reporting $4.9 billion in total cash, cash equivalents and investments at the end of the fourth fiscal quarter.
For the fiscal year 2017, NetApp reported net revenue of $5.52 billion. Its GAAP net income was $509 million (or $1.81/share) up from last year’s $229 million (or $0.77/share). The company reported non-GAAP net income of $768 million (or $2.73/share) up from the previous year’s $633 million (or $213/share).
The company also returned $180 million to shareholders through share repurchases and a cash dividend. Looking forward, not only is NetApp planning on increasing dividends by 5% to $0.20 per share in the first quarter of 2018, it is also projecting revenue between $1.24 and $1.39 billion and earnings per share between $0.30 to $0.38 GAAP and $0.49 to $0.57 non-GAAP. Like all vendors, NetApp is embracing the all-flash move. According to the company they are the fastest growing vendor in the all-flash array (AFA) market. For its AFA business, NetApp is up 140% YoY in AFA and up 24% QoQ with a $1.7 billion run rate.
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