NetApp has reported financial results for the first quarter of fiscal year 2014 ended July 26, 2013. Total revenues for the first quarter of fiscal year 2014 were $1.516-billion, an increase of 5% from the comparable period of the prior year.
GAAP net income for the first quarter of fiscal year 2014 was $82-million, or $0.23 per share, compared to GAAP net income of $64-million, or $0.17 per share, for the comparable period of the prior year. Non-GAAP net income for the first quarter of fiscal year 2014 was $192-million, or $0.53 per share, compared to non-GAAP net income of $156-million, or $0.42 per share, for the first quarter of fiscal 2013.
NetApp ended the first quarter of 2014 with $5.084-billion of total cash, cash equivalents and investments and during the quarter generated approximately $286-million in cash from operations. The company returned $900-million to shareholders during the quarter through share repurchases and a cash dividend.
The next dividend in the amount of $0.15 per share will be paid on October 25, 2013 to shareholders of record as of the close of business on October 21, 2013.
“NetApp delivered solid results and innovation with the latest release to our clustered Data ONTAP operating system,” says Tom Georgens, president and CEO.
“Despite an uneven macro environment, our branded business was strong, with 9% year-over-year growth. This is evidence of the tremendous value we are delivering to customers today and their confidence in our long-term strategy to enable them to navigate the future.”
The company provided the following financial guidance for the second quarter of fiscal year 2014:
* Total revenue is expected to be in the range of $1.560-billion to $1.660-billion;
* GAAP earnings per share is expected to be in the range of $0.41 to $0.46 per share;
* Non-GAAP earnings per share is expected to be in the range of $0.60 to $0.65 per share; and
* Diluted shares3 outstanding of approximately 351-million shares.
In its first quarter of fiscal year 2014, NetApp delivered technology innovation focused on helping customers capitalise on cloud and mobility trends, while also strengthening its strategic relationships with industry-leading partners.
Highlights include:
* NetApp Introduces Data ONTAP 8.2. New enhancements to clustered Data ONTAP 8.2 provide organisations and cloud service providers the capability to rapidly and cost effectively deliver new services and capacity with maximum application uptime.
Clustered Data ONTAP delivers native multi-tenant, policy-based storage services via programmable APIs and application integrations that are core tenants of a software-defined storage environment.
* NetApp Connect Delivers Mobile Access with Enterprise Level Data Protection. By keeping all data securely behind the corporate firewall, NetApp Connect offers mobile access to corporate data while maintaining the tight security and control that enterprise IT requires for keeping its data and business protected.
* NetApp and Cisco Expand the FlexPod Platform. In a continuing effort to make data centre infrastructures more responsive to applications’ dynamic needs, Cisco and NetApp broadened the FlexPod portfolio with a new offering called FlexPod Select and introduced new validated designs across the entire suite. FlexPod Select components include NetApp E-Series and FAS storage systems.
* NetApp Teams up with Microsoft to Accelerate Cloud Deployments. NetApp will invest $15-million in new ecosystem sales collaboration and continued technology integration with Microsoft to accelerate the adoption of enterprise cloud deployments.
* Clustered Data ONTAP integrates with Citrix Technologies. New solution integrations from NetApp and Citrix combine the benefits of clustered Data ONTAP with Citrix technologies for desktop and application virtualisation, mobile collaboration, and cloud services.
* Microsoft’s Server Platform Partner of the Year. NetApp was named Microsoft’s Server Platform Partner of the Year for innovative storage solutions that enable non-disruptive operations and deliver optimal operational efficiency for virtualised environments and file services.