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Apr 26, 2024
NetApp Q4 2024 Earnings Report
NetApp's Q4 2024 results were reported, showing revenue growth and record annual gross and operating margins.
Key Takeaways
NetApp reported Q4 2024 net revenues of $1.67 billion, a 6% increase year-over-year. The company achieved record annual gross margins, operating margins, and EPS. Net income for the quarter was $291 million, or $1.37 per share.
Net revenues for the fourth quarter were $1.67 billion, up 6% year-over-year.
GAAP net income was $291 million, or $1.37 per share, compared to $245 million, or $1.13 per share in the fourth quarter of fiscal year 2023.
Non-GAAP net income was $382 million, or $1.80 per share, compared to $334 million, or $1.54 per share in the fourth quarter of fiscal year 2023.
The company increased its quarterly dividend to $0.52 per share and authorized an additional $1 billion for share repurchases.
NetApp
NetApp
NetApp Revenue by Segment
NetApp Revenue by Geographic Location
Revenue by Segment
Hybrid Cloud Revenue
CapyFin.comPublic Cloud Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.com Forward Guidance
NetApp provided financial guidance for the first quarter and full fiscal year 2025.
Positive Outlook
- Net revenues are expected to be in the range of $1.455 billion - $1.605 billion for Q1 2025
- Q1 2025 GAAP earnings per share is expected to be in the range of $0.98 - $1.08
- Q1 2025 Non-GAAP earnings per share is expected to be in the range of $1.40 - $1.50
- Net revenues are expected to be in the range of $6.450 billion – $6.650 billion for FY 2025
- FY 2025 Consolidated gross margins are expected to be in the range of 70% - 71% (GAAP) and 71% - 72% (Non-GAAP)
Challenges Ahead
- FY 2025 Operating margins are expected to be in the range of: 20% - 21% (GAAP)
- FY 2025 Operating margins are expected to be in the range of: 27% - 28% (Non-GAAP)
- FY 2025 Earnings per share is expected to be in the range of: $4.96 - $5.16 (GAAP)
- FY 2025 Earnings per share is expected to be in the range of: $6.80 - $7.00 (Non-GAAP)
- The next cash dividend of $0.52 per share is to be paid on July 24, 2024, to stockholders of record as of the close of business on July 5, 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income