LONDON, UK / ACCESSWIRE / April 16, 2018 / Active-Investors.com has just released a free earnings report on Pure Storage, Inc. (NYSE: PSTG). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PSTG. The Company reported its financial results on March 01, 2018, for the fourth quarter and full fiscal year ended January 31, 2018. The fourth quarter of 2018 was the Company's first profitable quarter on a non-GAAP basis, wherein the Company reported record levels of operating margin and cash flow. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Pure Storage most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
Pure Storage reported record revenues of $338.25 million in Q4 FY18, up 48.45% from $227.86 million in Q4 FY17. The Company's product revenues advanced 48.46% to $277.35 million y-o-y, and support revenues increased 48.4% to $60.90 million y-o-y in Q4 FY18. The Company's revenue numbers surpassed analysts' consensus estimates of $331.8 million.
During Q4 FY18, Pure Storage's cost of revenues advanced 49.02% to $117.92 million from $79.13 million in Q4 FY17. This was led by a 53.45% increase in product cost and 32.37% increase in support cost. The Company's gross profit surged 48.14% to $220.33 million in Q4 FY18 from $148.73 million in Q4 FY17.
Pure Storage incurred operating expenses of $236.12 million in Q4 FY18 compared to $191.23 million in Q4 FY17, reflecting an increase of 23.48%. The Company had a loss from operations of $15.79 million in Q4 FY18 compared to $42.5 million in Q4 FY17. On a non-GAAP basis, Pure Storage had an income from operations of $27.94 million, and an operating margin of 8.3% in the quarter under review.
Pure Storage reported a net loss of $11.88 million in Q4 FY18 compared to a net loss of $42.92 million in Q4 FY17. The loss per share also narrowed to $0.05 in the reported quarter from $0.21 in the previous year's same quarter. Pure Storage's reported quarter results included stock-based compensation expenses and payroll tax expenses related to stock-based activities. Excluding non-recurring items, Pure Storage had a non-GAAP net income of $31.85 million in Q4 FY18, which marked the Company's first profitable quarter on a non-GAAP basis. The Company had non-GAAP earnings per share (EPS) of $0.13 in Q4 FY18 compared to a non-GAAP net loss per share of $0.02 in Q4 FY17. The adjusted EPS were higher than analysts' consensus estimates of $0.07 per share.
For the full fiscal year ended January 31, 2018, Pure Storage reported record revenues of $1.02 billion, up 40.53% from $727.98 million in FY17. The growth in revenues was led by a 37.96% increase in product revenues and a 51.5% increase in support revenues. The Company reported a gross profit of $669.24 million and an operating loss of $185.16 million in FY18. Pure Storage had a net loss of $177.60 million, or $0.84 loss per share, in the reported year compared to a net loss of $245.07 million, or $1.26 per share, in the previous year.
Cash Matters
Pure Storage had cash and cash equivalents of $244.06 million as on January 31, 2018, 32.87% higher than $183.68 million as on January 31, 2017.
Pure Storage had a record cash flow from operating activities of $59 million in Q4 FY18, an increase of 57.26% from $37.52 million in Q4 FY17. The Company also had a record free cash flow of $38.29 million at the end of Q4 FY18 compared to $25.35 million at the end of Q4 FY17.
Pure Storage spent $20.71 million on purchases of property and equipment in the reported quarter, 70.15% higher than $12.17 million in the previous year's comparable quarter.
Outlook
Pure Storage reported its first quarter fiscal 2018 and full fiscal year 2019 guidance numbers, based on the new revenue standard (ASC 606), which became effective from February 01, 2018. For the first quarter of the fiscal year 2019, the Company expects revenues to be in the range of $246 million to $254 million, non-GAAP gross margin to be in the band of 63.5% to 66.5%, and non-GAAP operating margin to be in the range of (13.0%) to (9.0%).
For the full fiscal year 2019, Pure Storage expects revenues to be in the range of $1.31 billion to $1.36 billion, non-GAAP gross margin to be in the band of 63.5% to 66.5%, and non-GAAP operating margin to be in the range of 0% to 4%.
Stock Performance Snapshot
April 13, 2018 - At Friday's closing bell, Pure Storage's stock declined 2.34%, ending the trading session at $18.78.
Volume traded for the day: 1.76 million shares.
Stock performance in the last three-month – up 10.15%; previous six-month period – up 17.30%; past twelve-month period – up 81.98%; and year-to-date – up 18.41%
After last Friday's close, Pure Storage's market cap was at $4.41 billion.
The stock is part of the Technology sector, categorized under the Data Storage Devices industry.
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