NetApp Beats Wall Street Estimates (NTAP)

NetApp

announced its fiscal Q1 results on Wednesday after the closing bell. The company reported net income of $142 million or $0.38 per share compared to $52 million or $0.15 per share in the year ago period. On a non-GAAP basis, which is comparable to consensus estimates, net income was $183 million or $0.49 per share, versus $76 million or $0.22 in Q1 of 2009. This came in ahead of Wall Street consensus EPS estimates of $0.46. Revenues for the quarter were $1.14 billion, which was an increase from the $838 million the company reported in last year's corresponding quarter. This narrowly beat analysts' revenue expectations of $1.13 billion. NetApp (

) said that it expects revenues to be in a range of $1.16 billion - $1.21 billion. Non-GAAP EPS is expected to be in the range of $0.47 - $0.50 per share. Currently, Wall Street analysts are anticipating that NTAP will report Q2 EPS of $0.47 on revenue of $1.17 billion.