F5 Networks Tops Views

The networking gearmaker's guidance also surpasses Wall Street expectations.
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F5 Networks

(FFIV) - Get Report

posted better-than-expected first-quarter results and offered a second-quarter guidance that topped Wall Street forecasts.

The Seattle-based maker of networking gear said its net earnings for the December quarter rose to $15.2 million, or 37 cents a share, from $10 million, or 26 cents a share, a year earlier.

Excluding stock-compensation costs, the company earned $19 million, or 47 cents a share. The earnings on this basis beat the company's own guidance for earnings of 44 cents to 45 cents a share, as well as Thomson First Call's average analyst estimate of 45 cents.

F5's revenue rose to $88.1 million from about $60 million, exceeding its forecast of $86 million and Wall Street's target of $87 million. The company attributed the revenue growth to strength in its core business and growing demand for its TMOS-based products.

The company, noting strength in its core business, projects second-quarter revenue of $93 million to $95 million, with net earnings of 39 cents to 40 cents a share. Excluding stock-compensation charges, F5 targets earnings of 49 cents to 50 cents a share.

The forecast is above analysts' current projections for earnings of 47 cents a share, before charges, and sales of $91 million.

F5 shares recently recently changed hands in after-hours trading at $62, up $2.49, or 4.2%.