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F5 beats Street 1Q forecasts

SEATTLE (AP) _ F5 Networks Inc. (FFIV) on Wednesday reported fiscal first-quarter earnings of $88.4 million.

On a per-share basis, the Seattle-based company said it had net income of $1.41. Earnings, adjusted for stock option expense and pretax expenses, were $2.26 per share.

The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $2.04 per share.

The computer networking company posted revenue of $523.2 million in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $521.4 million.

For the current quarter ending in April, F5 expects its per-share earnings to range from $2.24 to $2.27. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.11.

The company said it expects revenue in the range of $525 million to $535 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $528.6 million.

F5 shares have risen slightly more than 8 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 6 percent. In the final minutes of trading on Wednesday, shares hit $142.05, a fall of 1.5 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FFIV at https://www.zacks.com/ap/FFIV