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S&P 500 (NYSE:SPY) component NetApp (NASDAQ:NTAP) will unveil its latest earnings on Wednesday, May 23, 2012. NetApp supplies enterprise storage and data management software and hardware products and services.
NetApp Earnings Preview Cheat Sheet
Wall St. Earnings Expectations: The average analyst estimate is for net income of 49 cents per share, a rise of 4.3% from the company’s actual earnings for the year-ago quarter. During the past three months, the average estimate has moved up from 48 cents. Between one and three months ago, the average estimate was unchanged. It has risen during the last month. Analysts are projecting profit to rise by 2.8% versus last year to $1.81.
Past Earnings Performance: The company fell short of estimates last quarter after topping forecasts the quarter prior. In the third quarter, it reported profit of 39 cents per share against a mean estimate of 44 cents. Two quarters ago, it beat expectations by one cent with net income of 50 cents.
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Wall St. Revenue Expectations: Analysts predict a rise of 17.5% in revenue from the year-earlier quarter to $1.68 billion.
Analyst Ratings: 14 out of 27 analysts surveyed (51.9%) have a buy rating on NetApp. This falls short of the analyst rating of 10 competitors, which average 52.9% buy ratings.
A Look Back: In the third quarter, profit fell 30.7% to $119.6 million (32 cents a share) from $172.5 million (42 cents a share) the year earlier, missing analyst expectations. Revenue rose 23.5% to $1.57 billion from $1.27 billion.
The company enters this earnings announcement with substantial revenue momentum. The company has averaged year-over-year revenue growth of 26.3% over the last four quarters.
The company is hoping to rebound with this earnings release after a net income drop last quarter. Net income rose 0.6% in the second quarter before dropping in the third quarter.
Stock Price Performance: Between March 21, 2012 and May 17, 2012, the stock price had fallen $11.75 (-25.5%), from $46.02 to $34.27. The stock price saw one of its best stretches over the last year between March 14, 2012 and March 21, 2012, when shares rose for six straight days, increasing 7.3% (+$3.15) over that span. It saw one of its worst periods between May 1, 2012 and May 10, 2012 when shares fell for eight straight days, dropping 12.2% (-$4.98) over that span.
(Company fundamentals by Xignite Financials. Earnings estimates provided by Zacks)
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