NetApp reported a strong finish to its fiscal year and upped the outlook for the next quarter.
The storage player reported fiscal fourth quarter earnings of $160.6 million, or 40 cents a share, on revenue of $1.43 billion, up from $1.17 billion a year ago. Non-GAAP earnings were 59 cents a share, well above Wall Street estimates of 53 cents a share.
For fiscal 2011, NetApp reported earnings of $400.4 million, or $1.13 a share, on revenue of $5.12 billion.
As for the outlook, NetApp projected fiscal first quarter revenue of $1.5 billion, give or take 3 percent. Year over year that sum equates to 26 percent to 34 percent revenue growth.
The company projected non-GAAP earnings of 52 cents a share to 57 cents a share.
That outlook handily topped expectations. Wall Street was looking for first quarter earnings of 50 cents a share on revenue of $1.49 billion.
By the numbers:
- NetApp had cash and equivalents of $5.2 billion.
- Product revenue was $960.5 million with software related sales of $187 million. Service revenue was $280.8 million.
- R&D spending for the fiscal 2011 was $648.6 million, up from $535.7 million in 2010.