NetApp Reports Q2 EPS Inline, Q3 EPS Guided Lower

NetApp Inc. NTAP reported financial results Wednesday for the second quarter of fiscal year 2015, ended October 24, 2014. Net revenues for the second quarter of fiscal year 2015 were $1.54 billion, slightly below the average estimate of $1.55 billion.

Non-GAAP net income for the second quarter of fiscal year 2015 was $226 million, or $0.70 per share, inline with estimates and above the non-GAAP net income of $232 million, or $0.66 per share, for the comparable period of the prior year.

GAAP net income for the second quarter of fiscal year 2015 was $160 million, or $0.49 per share, compared to GAAP net income of $167 million, or $0.48 per share, for the comparable period of the prior year.

Financial guidance for the third quarter of fiscal year 2015 included expected revenue in the range of $1.56 billion to $1.66 billion with Non-GAAP earnings per share expected to be in the range of $0.74 to $0.79 per share, below estimates of $0.80 per share.

"We are pleased with our performance in the second quarter with revenue and non-GAAP EPS coming in above the mid-point of our guidance range," said Tom Georgens, chairman and CEO. "We have dramatically expanded the NetApp portfolio at an unprecedented pace. Our best of breed solutions not only solve the challenges enterprises face today, but ensure a seamless path to the hybrid cloud that enables customers to effectively manage their data across multiple cloud resources."

NetApp traded at $40.90 in the after-hours session, down 3.3 percent.