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Juniper Networks Reports Preliminary Second Quarter 2010 Financial Results
Published Jul 22, 2010
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- Revenue: $978.3 million, up 24% year over year.
- Operating Margin: 18.9% GAAP, 23.9% non-GAAP.
- GAAP Net Income Per Share: $0.24 diluted.
- Non-GAAP Net Income Per Share: $0.30 diluted, up 58% year over year.
Net revenues for the second quarter of 2010 increased 24% on a year over year basis to $978.3 million. The Company posted GAAP net income of $130.5 million, or $0.24 per diluted share, and non-GAAP net income of $164.0 million, or $0.30 per diluted share, for the second quarter of 2010. Non-GAAP net income per share increased 58% compared to the second quarter of 2009. The reconciliation between GAAP and non-GAAP results of operations is provided in a table immediately following the Net Revenues by Market table below.
"Juniper continues to execute well on our growth agenda consistent with our 2010 operating principles," said Kevin Johnson, Juniper's Chief Executive Officer. "With an expanding product portfolio and strong momentum in critical growth areas of high performance networking, we feel confident in our view of growth for the second half of 2010."
Juniper's operating margin for the second quarter of 2010 increased to 18.9% on a GAAP basis from 17.6% in the first quarter of 2010, and increased from 12.2% in the prior year second quarter. Non-GAAP operating margin for the second quarter of 2010 increased to 23.9% from 23.2% in the first quarter of 2010 and increased from 18.1% in the prior year second quarter.
Juniper generated net cash from operations for the second quarter of 2010 of $221.3 million, compared to net cash provided by operations of $88.5 million, after litigation settlement payments of $169.3 million, in the first quarter of 2010.
Capital expenditures, as well as depreciation and amortization expense during the second quarter of 2010, were $45.4 million and $37.5 million, respectively.
"In the quarter we made good progress on our long term model both in terms of growth rates and higher operating margin. We continued to make investments in R&D and Sales and Marketing to ensure we capture the market opportunity ahead of us," said Robyn Denholm, Juniper's Chief Financial Officer. "As the business outlook continues to improve, driving operational excellence throughout the organization will remain a key area of focus. We are confident of delivering profitable growth in 2010."
Posted by
VMD - [Virtual Marketing Department]
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