Data storage equipment company NetApp (NASDAQ:NTAP) saw its net profit increase 28.1 percent in the company’s first quarter fiscal 2014 results.
In the three months ending July 26, NetApp earned $82 million, or 23 cents per share compared to $64 million, or 17 cents per share in the same period a year ago. Revenue for the quarter was $1.51 billion, a 5 percent increase over first quarter 2013 revenue. The revenue figure fell just shy of analyst estimates; the consensus analysts polled by Thomson Reuters was $1.53 billion in revenue.
Sunnyvale, Calif.-based NetApp, which operates one of its largest campuses in Research Triangle Park, attributed the results to the latest release of its clustered Data ONTAP operating system.
NetApp finished its fiscal 2014 first quarter with more than $5 billion in cash, cash equivalents and investments. NetApp also returned $900 million to shareholders during the quarter through share repurchases and a cash dividend.
Looking ahead to the second quarter of fiscal 2013, NetApp expects revenue in the range of $1.56 billion to $1.66 billion and earnings per share in the range of 41 cents to 46 cents per share.