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NetApp Inc Issues Q1 2014 Guidance Below Analysts' Estimates; Initiates Quarterly Cash Dividend And Announces Stock Repurchase

Tuesday, 21 May 2013 04:01pm EDT 

NetApp Inc announced that for the first quarter of 2014, it expects revenues to be in the range of $1.475 billion to $1.575 billion, GAAP earnings per share to be approximately $0.13 to $0.18 and non-GAAP earnings per share to be approximately $0.45 to $0.50. According to I/B/E/S Estimates, analysts were expecting the Company to report revenues of $1.601 billion and EPS of $0.53 for the first quarter of 2014. The Company also announced that it has initiated a quarterly cash dividend of $0.15 per share of the Company's common stock, which it intends to increase over time. The first dividend will be payable on July 23, 2013 to shareholders of record as of the close of business on July 11, 2013. The Company also announced that it is increasing its current stock repurchase program, of which $1.4 billion remains outstanding, by an additional $1.6 billion. The Company plans to complete the aggregate $3 billion program over the next 3 years. NetApp intends $2 billion of repurchases to be completed within the next 12 months, of which $1 billion is planned to be completed during the next 4 months. Under its stock repurchase program, NetApp can purchase shares of its outstanding common stock through open market and privately negotiated transactions at prices deemed appropriate by management. 

Company Quote

0.205 +0.56%
15 Apr 2014