Juniper 1Q net rises, but outlook disappoints

Juniper Networks posts big jump in 1Q profit, though 2Q outlook disappoints

Associated Press

SUNNYVALE, Calif. (AP) -- Juniper Networks Inc. said its first-quarter net income jumped more than five-fold as improving demand from Internet service providers offset smaller sales to federal and financial services customers. However, its second-quarter outlook was less than analysts expected, and its shares fell in extended trading.

The networking gear company said preliminary results showed that it earned $91 million, or 18 cents per share, for the quarter that ended March 31. That was up from $16.3 million, or 3 cents per share, during the same period last year.

Revenue rose almost 3 percent to $1.06 billion, from $1.03 billion a year ago.

Adjusted for one-time items, the company said it would have earned 24 cents per share. Analysts surveyed by FactSet had been expecting a profit of 22 cents per share. Revenue was slightly lower than analysts expected.

The company predicted second-quarter adjusted earnings of 22 to 26 cents per share, with revenue of $1.07 billion to $1.1 billion. Analysts were expecting a profit of 27 cents per share with revenue of $1.11 billion.

Juniper shares had risen 24 cents to close at $17.36 before the results were announced. They fell $1.11, or 6.4 percent, to $16.25 in aftermarket trading.

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