NetApp (NTAP) Misses Q3 EPS by 2c, Q4 EPS Guidance Misses, Raises Buyback by $2.5B

NetApp (NASDAQ: NTAP) reported Q3 EPS of $0.75, $0.02 worse than the analyst estimate of $0.77. Revenue for the quarter came in at $1.55 billion versus the consensus estimate of $1.61 billion.

NetApp sees Q4 2015 EPS of $0.70-$0.75, versus the consensus of $0.89. NetApp sees Q4 2015 revenue of $1.55-1.65 billion, versus the consensus of $1.69 billion.

NetApp increased its stock repurchase program, of which $206 million remained available, by an additional $2.5 billion. The Company plans to repurchase $206 million of its common stock by the end of May 2015. The additional $2.5 billion of repurchases is expected to be completed by the end of May 2018, with the first $1 billion expected to be completed by the end of May 2016. Under its stock repurchase program, NetApp may purchase shares of its outstanding common stock through open market and privately negotiated transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under the program will depend on market conditions, corporate business and financial considerations, and regulatory requirements.

For earnings history and earnings-related data on NetApp (NTAP) click here.

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