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Juniper Networks Reports Preliminary Fourth Quarter and Fiscal Year 2012 Financial Results

Q4 2012:

Revenue: $1,141 million, up 2% from Q3'12 and up 2% from Q4'11
Operating Margin: 11.5% GAAP; 18.2% non-GAAP, up 1.3 pts Q/Q
GAAP Net Income Per Share: $0.19 diluted, includes $0.02 pre-tax impact from restructuring charges
Non-GAAP Net Income Per Share: $0.28 diluted, up from $0.22 diluted in Q3'12 and flat compared to Q4'11

Full Year 2012:

Revenue: $4,365 million, down 2% from 2011
Operating Margin: 7.1% GAAP; 15.6% non-GAAP
GAAP Net Income Per Share: $0.35 diluted, includes $0.17 pre-tax impact from restructuring charges
Non-GAAP Net Income Per Share: $0.85 diluted, down from $1.19 diluted in 2011


"Juniper finished 2012 on a good note, setting the stage for growth in 2013," said Kevin Johnson, chief executive officer of Juniper Networks. "During the past year we strengthened our product portfolio, took key steps to drive operational execution, and allocated capital in a balanced way. We believe Juniper is entering 2013 in a strong position, with good opportunities in routing and switching and a greatly improved Enterprise security portfolio as we continue to deliver on the promise of the high performance network."

"I am pleased with the team's effort and commitment in executing our strategy to drive revenue growth and improve operational execution," said Robyn Denholm, chief financial officer of Juniper Networks. "For the fourth quarter we delivered sequential and year-over-year revenue growth and expanded operating margins. We have largely completed our announced workforce actions and are well underway with our facility and supply chain efforts to reduce our cost structure. These efforts are designed to sharpen our focus, drive efficiencies throughout the company and enable agility in execution. The benefits of these efforts are starting to show in our results."


Our outlook for the March quarter reflects our expectation of a typical seasonal decline, especially in the Enterprise sector. This decline is consistent with the cautious approach our customers are taking to capital deployment.

Juniper estimates revenue for the first quarter ending March 31, 2013 to be in the range of $1,050 million to $1,070 million.

Juniper estimates that its non-GAAP gross margin will be in the range of 64% plus or minus 0.5%.

Juniper estimates that its non-GAAP operating expenses will be $515 million plus or minus $5 million.

Juniper expects its non-GAAP operating margin for the first quarter will be in the range of 14% to 16%.

Juniper estimates that its non-GAAP net income per share will range between $0.18 and $0.22 on a diluted basis. This does not include an approximate $0.03 one time favorable benefit from the 2012 R&D tax credit. This assumes a flat share count and non-GAAP tax rate of 29%, which reflects the Q1 2013 application of the R&D tax credit.
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