Networking hardware maker Juniper Networks lined up nearly perfectly with Wall Street expectations for its third quarter earnings.
Juniper reported a net income of $83.7 million, or 16 cents a share (statement). Non-GAAP earnings were 28 cents a share on a revenue of $1.106 billion. Wall Street was expecting Juniper to report earnings of 28 cents a share on revenue of $1.09 billion.
Juniper's CFO Robyn Denholm explained in a statement:
The third quarter unfolded as we anticipated, and we achieved the performance objectives we had set for the September quarter. We will continue to carefully manage our expense structure with a focus on investing prudently in the resources that support our growth agenda and maintain our commitment to innovation.
For the outlook, Juniper is predicting a revenue of $1.160 billion to $1.220 billion at the end of Q4 with non-GAAP earnings between 32 cents and 36 cents a share.
By the numbers:
- Non-GAAP net income was $149.8 million
- Non-GAAP net income per diluted share decreased 13 percent from Q3 2010, as well as 10 percent down from Q2 2011
- Total cash, cash equivalents and investments equaled $4,130.3 million, compared to $4,220.5 million as of the second quarter of 2011 and $2,698.5 million as of the third quarter of 2010.
- Juniper bought back roughly 8.9 million shares during Q3 2011 at an average price of $21.47 per share, equaling approximately $191 million dollars.
- Juniper's Q3 operating margin decreased to 12.4 percent on a GAAP basis from 15.3 percent in Q2 2011, and from 19.3 percent in Q3 2010