Juniper Networks Q2 Profit Tops View; Issues Q3 Outlook - Quick Facts

(RTTNews) - Juniper Networks Inc. (JNPR) posted second-quarter GAAP net income of $97.9 million, or $0.19 per share, compared to $57.7 million or $0.11 per share in the year ago quarter.

Non-GAAP net income for the quarter was $148.1 million or $0.29 per share, compared to $103.1 million or $0.19 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share for the quarter. Analysts' estimates typically exclude special items.

Total net revenues for the quarter rose 7% to $1.15 billion from $1.07 billion in the prior year quarter, while thirty one analysts had consensus revenue estimate of $1.09 billion for the quarter.

Looking ahead to the third quarter, the company estimates non-GAAP net income per share to be in the range of $0.29 and $0.32 and revenue in the range of $1.14 billion to $1.18 billion. Analysts expect the company to report earnings of $0.29 per share on revenues of $1.14 billion for the third-quarter.

The company also announced that its board of directors has approved an additional $1.0 billion share repurchase authorization.

Juniper said that this new authorization is in addition to the $1.0 billion stock repurchase program approved in June 2012. As of June 30, 2013, there was about $333 million of outstanding authorized funds under the company's current stock repurchase program.

Separately, Juniper announced that its chief executive officer or CEO, Kevin Johnson, will retire once a successor is named and that Johnson will continue to serve in his current capacities while an orderly transition is accomplished.

The company said its board of directors has formed a Search Committee of independent directors to lead a comprehensive search process to identify the next CEO, and has retained Heidrick and Struggles, a leading executive recruiting firm, to assist in the process.