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TheStreet Open House

Juniper Networks Reports Preliminary Second Quarter 2014 Financial Results

Stocks in this article: JNPR

Juniper Networks (NYSE: JNPR), the industry leader in network innovation, today reported preliminary financial results for the three months ended June 30, 2014 and provided its outlook for the three months ending September 30, 2014.

Net revenues for the second quarter of 2014 increased 7% year-over-year and increased 5% sequentially to $1,230 million.

Juniper’s operating margin for the second quarter of 2014 increased to 9.4% on a GAAP basis, including $86 million of restructuring and other charges, from (0.5)% in the first quarter of 2014, and decreased from 12% in the second quarter of 2013. Non-GAAP operating margin for the second quarter of 2014 increased to 22.3% from 17.2% in the first quarter of 2014, and increased from 18.9% in the second quarter of 2013.

Juniper posted GAAP net income of $221.1 million, or $0.46 per diluted share for the second quarter of 2014. The GAAP diluted income per share includes a $0.41 benefit from gain on a legal settlement partly offset by an $0.18 impact from restructuring and other charges. Non-GAAP net income was $190.3 million, or $0.40 per diluted share for the second quarter of 2014. Non-GAAP net income per diluted share increased 38% compared to the first quarter of 2014, and increased 38% compared to the second quarter of 2013.

The reconciliation between GAAP and non-GAAP results of operations is provided in a table immediately following the Preliminary Net Revenue by Market table below.

“Juniper delivered another solid quarter of revenue growth, with continued diversification across our target verticals. With our focused strategy, we are seeing clear signs of success with customers who are in a build cycle for High-IQ networks and Cloud ecosystems,” said Shaygan Kheradpir, chief executive officer, Juniper Networks. “We are relentlessly executing on our Integrated Operating Plan and successfully implemented several initiatives to drive greater efficiencies across our organization. Throughout, we have been working to ignite our culture of innovation and maintain our unwavering commitment to shareholders to drive significant value through profitable growth.”

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