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Tuesday, January 30, 2018

=Juniper Networks (JNPR) reported earnings on Tue 30 January 2018 (a/h)

Juniper Networks beats by $0.01, reports revs in-line; guides Q1 EPS, revs below consensus; increases dividend, announces new $2 bln repurchase authorization
  • Reports Q4 (Dec) earnings of $0.53 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.52; revenues fell 10.5% year/year to $1.24 bln vs the $1.23 bln Capital IQ Consensus.
  • Non-GAAP operating margin was 22.7%, a decrease from 26.5% in the fourth quarter of 2016, and a decrease from 23.5% in the third quarter of 2017.
  • Co issues downside guidance for Q1, sees EPS of $0.22-0.28, excluding non-recurring items, vs. $0.42 Capital IQ Consensus Estimate; sees Q1 revs of $1.02-1.08 bln vs. $1.16 bln Capital IQ Consensus Estimate.
    • The first quarter revenueoutlook reflects ongoing deployment delays as Juniper expects its large cloud customers to continue their architectural transition, which is expected to result in below normal seasonality. The Company remains confident in its competitive position and strong relationship with these strategic customers.
  • As a result of the Tax Cuts and Jobs Act, the Company plans to repatriate approximately $3 billion. Juniper expects the new territorial tax system to provide lower cost access to nearly all global free cash flow on an ongoing basis. The Company intends to use the repatriated cash to invest in its business, support value-enhancing M&A, and fund its return of capital to shareholders.
  • Additionally, the co announced that its Board of Directors has declared an increase of its quarterly cash dividend to $0.18 per share to be paid on March 22, 2018 to shareholders of record as of the close of business on March 1, 2018. This reflects an increase of 80% compared to previous quarterly dividends. Further, the Company's Board of Directors has approved a new $2 billion buyback authorization, which replaces the existing authorization. Juniper plans to enter into a $750 million accelerated share repurchase program in the first quarter of this year, and intends to be opportunistic with its share repurchases thereafter.

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