Juniper Networks hits all targets on Q3 earnings report

Summary:Wall Street was looking for earnings of 31 cents per share on a revenue of $1.17 billion.

Juniper Networks reported third quarter earnings after the bell on Tuesday.

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The network equipment maker reported a net income of $99.1 million, or 19 cents per share (statement). Non-GAAP earnings were 33 cents per share on a revenue of $1.186 billion.

Wall Street was looking for earnings of 31 cents per share on a revenue of $1.17 billion.

CEO Kevin Johnson reflected on the quarter in prepared remarks:

We delivered our fifth consecutive quarter of year-over-year growth. Our performance reflects our continued ability to execute our strategy with agility in a dynamic macro environment. We continue to see strong demand from our service provider customers and gain traction in the enterprise. It is evidence that our innovative and differentiated product portfolio is aligned with the needs of our customers as they look to build the best networks for their businesses.

For the current quarter, Wall Street is looking for earnings of at least 36 cents per share on a revenue of $1.23 billion.

Juniper followed up with Q4 revenue guidance of $1.2 billion to $1.23 billion with earnings set to fall between 35 and 37 cents per share. Juniper also hinted at possible alterations to this forecast given the recent shutdown of the U.S. federal government.

More numbers to know from Juniper's Q3:

  • Total cash, cash equivalents and investments as of September 30, 2013 were $4.034 billion compared to $4.048 billion as of September 30, 2012.
  • Net revenue increased three percent and non-GAAP net income increased 14 percent, both on a sequential basis.
  • Repurchased 4.4 million shares at an average share price of $20.92 per share for a total of $93 million

Topics: Networking, Enterprise 2.0, Tech Industry

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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