SUNNYVALE, CA -- (Marketwired) -- 04/23/13 -- 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."
"Our first quarter results reflect our continued focus on driving revenue growth and expanding operating margins," said Juniper Networks CFO Robyn Denholm. "As expected, we saw continued strong broad based demand from US service providers and early indications of improving demand from EMEA service providers. I am pleased with the team's efforts and commitment to gaining efficiencies throughout the company and executing our strategy."
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