Juniper Beats Q1 Views, Shares Jump

Shares of

jumped more than 5 percent in after-hours trading after the company reported better-than-expected results for the first quarter. For the second quarter, Juniper expects adjusted earnings of $0.38 to $0.42 per share on revenue of $1.09 billion to $1.12 billion. Analysts had projected earnings of $0.38 per share on revenue of $1.09 billion. The Sunnyvale, California-based company posted a quarterly profit of $80.2 million, or $0.19 per share, versus a year-ago profit of $100.6 million, or $0.22 per share. Excluding items, Juniper's earnings surged to $0.32 per share from $0.29 per share. Its revenue declined around 9 percent year-over-year to $1.07 billion. However, analysts were expecting a profit of $0.31 per share on revenue of $1.04 billion. The company's gross margin widened to 62.1 percent, compared to 61.5 percent in the year-ago period. As of March 31, 2015, total cash, cash equivalents, and investments totaled $3,451 million, versus $3,479 million as of March 31, 2014. The company's board declared a quarterly cash dividend of $0.10 per share. During the first quarter, Juniper repurchased $400 million of common stock. The average estimate among 30 Estimize users was for earnings of $0.32 per share and revenue of $1.05 billion. "During the quarter, we delivered good year-over-year non-GAAP operating margin and earnings per share expansion, through continued management of our cost structure," said Robyn Denholm, chief financial and operations officer. "We also continue to benefit from our focus on customer diversification and we see broader healthy demand trends beginning to emerge. Meanwhile, we continue to deliver on our capital return commitments, driving additional shareholder value." Juniper shares jumped 5.83 percent to $25.40 in the after-hours trading session.