Tuesday, April 22, 2014

Juniper Posts Q1 Revenue of $1.170 billion, up 10% YoY

Juniper Networks reported preliminary net revenues for the first quarter of 2014 of $1,170 million, up 10% year-over-year and down 8% sequentially.  Operating margin for 1Q2014 decreased to (0.5)% on a GAAP basis including $122 million of restructuring and other charges, from 15.3% in the fourth quarter of 2013, and decreased from 8.2% in the first quarter of 2013. Net income (GAAP) was $110.6 million, or $0.22 per diluted share for the first quarter of 2014. The GAAP diluted income per share includes a $0.33 gain on the sale of minority equity investments offset by a $0.25 impact from restructuring and other charges. Non-GAAP net income was $142.6 million, or $0.29 per diluted share for the first quarter of 2014. Non-GAAP net income per diluted share decreased 33% compared to the fourth quarter of 2013, and increased 21% compared to the first quarter of 2013.

"Juniper delivered solid first quarter results with strong year-over-year revenue growth. We are seeing continued demand from our customers reflecting a significant opportunity to capture share in meaningful, high-growth Cloud-Builder and High IQ networking across both service provider and enterprise markets," said Shaygan Kheradpir, chief executive officer of Juniper Networks. "I am very pleased with the disciplined approach we have taken with our Integrated Operating Plan. We have sharpened our focus on Cloud-Builders and High IQ networks with the ensemble of our products in routing, switching, security, network management, control and analytics; we have implemented an optimized One-Juniper structure; and we introduced a robust capital allocation program. While there is still work to do, I am confident that we have the right strategy in place to drive profitable growth and deliver significant value to shareholders."



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