SUNNYVALE, CA -- (Marketwired) -- 04/23/13 -- In the news release, "Juniper Networks Reports Preliminary First Quarter 2013 Financial Results," issued earlier today by Juniper Networks (NYSE: JNPR), we are advised by the company that the estimate in the first and fourth bullets under the Outlook section should be for the "second quarter" rather than the "first quarter" as originally issued. Complete corrected text follows.
Juniper Networks Reports Preliminary First Quarter 2013 Financial Results
SUNNYVALE, CA -- April 23, 2013 -- Juniper Networks (NYSE: JNPR)
•Revenue: $1,059 million, down 7% from Q4'12 and up 3% from Q1'12 •Operating Margin: 8.2% GAAP; 15.7% non-GAAP, non-GAAP down 2.5 pts from Q4'12 •GAAP Net Income Per Share: $0.18 diluted, includes $0.05 tax benefit related to a tax settlement, 0.02 litigation charge and 0.01 restructuring charge •Non-GAAP Net Income Per Share: $0.24 diluted, includes a $0.03 pre-tax benefit from the 2012 retroactive application of the renewal of the R&D tax credit; down from $0.28 diluted in Q4'12 and up from $0.16 diluted in Q1'12
Juniper Networks (NYSE: JNPR), the industry leader in network innovation, today reported preliminary financial results for the three months ended March 31, 2013, and provided its outlook for the three months ending June 30, 2013.
Net revenues for the first quarter of 2013 increased 3% year-over year and decreased 7% sequentially to $1,059 million.
Juniper's operating margin for the first quarter of 2013 increased to 8.2% on a GAAP basis from 4.6% in the first quarter of 2012, and decreased from 11.5% in the fourth quarter of 2012. Non-GAAP operating margin for the first quarter of 2013 increased to 15.7%, from 12.0% in the first quarter of 2012 and decreased from 18.2% in the fourth quarter of 2012.
The Company posted GAAP net income of $91 million, or $0.18 per diluted share for the first quarter of 2013. GAAP diluted net income per share includes a $0.05 tax benefit related to a tax settlement, a $0.02 pre-tax impact from a litigation charge as well as a $0.01 pre-tax impact from restructuring. Non-GAAP net income was $124 million, or $0.24 per diluted share, for the first quarter of 2013. Both GAAP and non-GAAP diluted income per share includes a $0.03 pre-tax benefit from the 2012 retroactive application of the renewal of the R&D tax credit. Non-GAAP net income per diluted share increased 50% compared to the first quarter of 2012.
The reconciliation between GAAP and non-GAAP results of operations is provided in a table immediately following the Preliminary Net Revenue by Market table below.
"This was a quarter of modest year-on-year growth driven by renewed demand from service providers and offset slightly by softness in enterprise sectors, including federal and financial services," said Kevin Johnson, chief executive officer of Juniper Networks. "We are seeing increased momentum with our new product offerings as we continue our strategy of innovating in the domain of high-performance networking. We believe Juniper has a strong position in the service provider market and has opportunity in the enterprise business as we continue to grow switching as well as revitalize our security business. We continue to focus on delivering great products, improving operational execution, and managing our costs carefully."
Most Popular Stories
- NSA Defends Global Cellphone Tracking Legality
- Top Websites for U.S. Hispanics
- Networks Vie for U.S. Hispanic TV Viewers
- Ad Counts Rise in 2013 for Hispanic Magazines
- Apple Wants Samsung to Pay $22M for Patent Dispute Legal Bills
- Starbucks Gets Grinchy; No Gingerbread Lattes for Tampa Customers
- Jobs Report Brings Cheer As Unemployment Drops to Five-year Low
- Apple Paid Its Lawyers More Than $60MM to Defeat Samsung in Court
- Economic Bright Spots Not a Sure Boost for President Obama
- US Consumer Borrowing Rose $18.2B in Oct.