Unlike with HDF files, NetCDF data cannot be added using the "Add Data" button.
There are three ways to read in NetCDF files in Arcgis:
For each type, use the search icon to search for the appropriate tool
Make NetCDF Raster Layer, Make NetCDF Feature Layer process is the same, just different tool being called
Within each tool, you have ability to specify the desired output layer
Recommendations:
GDAL can be leveraged to correct many issues
Perform analysis at variable level using gdalinfo
Use gdaltranslate to find coordinate system, corner values, and origin
Verification:
Can compare ArcGIS projection externally with Panoply/HDF Viewer to ensure that the images are the same
For example, make sure that the values at every corner are the same on both programs
Video Tutorial using POWER Example: