Juniper Networks, Inc. announced Tuesday that it met lowered earnings expectations for its fourth quarter of 2001, and missed lowered revenue expectations just slightly. The Sunnyvale, Calif. maker of network infrastructure equipment also predicted flat sequential revenue and lower pro forma earnings per share for the first quarter of 2002.
For its fiscal fourth quarter of 2001 Juniper reported pro forma earnings of five cents per share on net revenue of $151 million, down from ten cents per share on revenue of $201.7 million in the third quarter.
Analysts surveyed by Thomson Financial/First Call were expecting earnings of five cents per share on revenue of $152.5 million.
Last December 20, based on "caution on the part of our service provider and carrier customers given current market conditions," Juniper Networks announced that it was lowering its estimates for the fourth quarter to five cents per share and revenue of between $150 to 155 million from its original October estimates of ten cents per share and revenue of $200 million.
"2001 was by any measure a challenging year for the market and for Juniper," said Scott Kriens, Juniper Networks chairman and CEO in a conference call with analysts. "And while we didnt realize the top-line goals we set for ourselves as the year began, we have maintained our investment and met our targets for the innovation that extends our technology and product portfolio lead in the market."
Kriens also touted Juniper Networks ability to meet schedules for product development despite more rigid controls on expenses, sixty percent margins, increased cash flow, and a doubling of its customer base in 2001.
As far as whats ahead, however, Juniper Networks Chief Financial Officer Marcel Gani predicted flat sequential revenue of $150 to 155 million, and reduced pro forma earnings of three cents per share for the fiscal first quarter of 2002. For the first half of 2002, Gani said Juniper Networks predicts revenue of $305 to 315 million and pro forma earnings per share of seven cents.
Juniper also announced in Tuesdays conference call that Lloyd Carney has joined the company in the position of Chief Operating Officer. Carney was formerly president of the Nortel Networks Wireless Internet organization.
Juniper Networks closed down 14 cents or 0.77 percent to $17.96 before the announcement on Wednesday.