Juniper beats Street estimates

Juniper Networks reported third quarter pro forma net income of $32.5 million, or 10¢ per share, on revenue of $201.7 million. The results were slightly ahead of Wall Street’s estimates of $187.9 million in revenue and 7¢ per share of earnings, according to First Call/Thomson Financial.

Juniper’s net loss for the quarter, including one-time charges, was $29.7 million, or 9¢ per share, compared with a net profit of $58.1 million, or 17¢ per share, in the third quarter of 2000. One-time charges included a $39.9 million charge to contract manufacturers, amortization of deferred compensation of $15.9 million, and $11 million of impairment write-downs in equity investments.

Juniper said fourth-quarter sales would be flat with the third quarter and projected pro forma earnings per share of 10¢. For 2002, it expects sales approaching $1 billion and earnings per share of between 40¢ and 45¢.

Juniper also announced that its board of directors approved a two-year, $200 million stock buyback program effective immediately. Purchases will be made at the company’s discretion in open market transactions.

--Vincent Ryan, business editor