NetApp Q4 2024 Earnings Report
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
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.