Wireless network equipment maker Juniper Networks (NYSE:JNPR) reported preliminary first-quarter earnings yesterday that came in below top-line consensus estimates by Capital IQ analysts, but issued guidance for the second quarter that was just able to meet expectations at its upper end.
Juniper reported revenues for the three months ending on March 31 will come in at $1.059 billion, up 3% from the same period last year but down 7% sequentially and below analysts expectations of $1.064 billion. The equipment maker recorded GAAP earnings of $0.18 per share, but adjusted profits of $0.24, which was 50% higher than the per-share adjusted profits it generated last year. Analysts had expected earnings of $0.13 per share.
Guidance for the second quarter 2013 ending June 30, however, was expected to be in a range of $1.07 billion to $1.1 billion, with the $1.085 billion mid-range number below the $1.108 billion expectations of analysts, though the upper end just meets them. On the bottom line, it anticipates non-GAAP earnings of $0.22 to $0.26 per share, with the mid-range of $0.24 ahead of Wall Street's $0.16-per-share estimates.
While acknowledging it expects to see continued weakness in enterprise customer spending, Juniper Networks CEO Kevin Johnson said:
We are seeing increased momentum with our new product offerings as we continue our strategy of innovating in the domain of high-performance networking. We believe Juniper has a strong position in the service provider market and has opportunity in the enterprise business as we continue to grow switching as well as revitalize our security business. We continue to focus on delivering great products, improving operational execution, and managing our costs carefully.
Juniper Networks delivers the software, silicon, and systems to enhance networking in devices and data centers at both the consumer and cloud provider level.
Fool contributor Rich Duprey and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.