WASHINGTON (dpa-AFX) - NETGEAR, Inc. (NTGR) Tuesday reported net income for the fourth quarter of $22.8 million or $0.60 per share, rising from $13.6 million or $0.37 per share in the year-ago quarter.
Adjusted earnings for the quarter were 65 percent higher than last year at $26.5 million or $0.69 per share, compared with $16.1 million or $0.44 per share last year.
On average, 8 analysts polled by Thomson Reuters expected earnings of $0.64 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter grew 20 percent to $309.2 million from $258.5 million in the year-ago quarter. Eight Street analysts had a consensus revenue estimate of $307.0 million.
Gross margin on a non-GAAP basis in the fourth quarter was 31.1 percent, as compared to 32.0 percent in the year-ago quarter.
Net income for 2011 was $91.4 million, an 80 percent increase from $50.9 million for 2010. Full-year revenue grew 31 percent to $1.180 billion from $0.902 billion last year.
Patrick Lo, chairman and chief executive officer, said,' Our Retail Business Unit revenue was up 2% sequentially, and up 11% for the full year, while the Service Provider Business Unit was up 14% sequentially, and up 102% in 2011 as compared to 2010.'
For the first quarter, the company expects net revenue in the range of $310 million to $325 million, with non-GAAP operating margin in the range of 11 to 12 percent. The Street expect revenues for the first quarter of $312.2 million.
Lo said,' We believe our growth in 2012 will continue to be based on our strong new product pipeline and our expansion into new channels and emerging markets.'
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