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Juniper Networks 4Q profit up 73 percent

Source:ap.org Author:Unknown Date:03/25/14 Click:

SUNNYVALE, Calif. - Juniper Networks Inc. on Thursday reported a 73 percent jump in fourth-quarter profit on strong networking-gear sales.

The Sunnyvale-based company earned $122.9 million, or 22 cents a share, compared with $71 million, or 12 cents, in the year-earlier period. The latest earnings adjusted for charges were $151.5 million, or 27 cents.

Revenue grew 36 percent to $809.2 million.

Analysts surveyed by Thomson Financial were expecting earnings of 24 cents on revenue of $785.9 million.

For the current quarter, Juniper said it expects to earn 24 cents to 25 cents a share on revenue of $810 million to $820 million. Analysts had expected 24 cents and $798 million.

Earlier this month, Juniper had said its well-regarded chief operating officer, Stephen Elop, was leaving to join Microsoft Corp. The announcement triggered concern among investors and analysts.

Asked about a new COO, Chief Executive Scott Kriens said in a conference call with analysts that the company had retained a firm for the search.

"We will be working diligently on it and bringing more to you as soon as we complete that search," he said.

Juniper shares were up 90 cents, or 3.4 percent, to $27.20 in after-hours trading after the earnings report was released. The shares gained $1.70, or 6.9 percent, to end regular trading at $26.30.

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