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Juniper Profit Tops Estimate, Provides Weak Q4 Guidance; Stock Down 6%(dpa-AFX International Compact Via Acquire Media NewsEdge) WASHINGTON (dpa-AFX) - Computer networking gear maker Juniper Networks Inc. (JNPR) Thursday reported third-quarter net earnings of $103.6 million or $0.23 per share compared with $99 million or $0.19 per share last year. Excluding items, adjusted earnings for the quarter were $0.36 per share compared with $0.33 per share a year ago. On average, 33 analysts polled by Thomson Reuters estimated earnings of $0.35 per share for the quarter. Analysts' estimates typically exclude special items. Revenues for the quarter were down 5 percent at $1.13 billion compared with $1.19 billion in the prior year. Thirty-one analysts had a consensus revenue estimate of $1.13 billion for the quarter. Looking ahead to the fourth quarter, Juniper expects earnings of $0.28 to $0.32 per share on revenues of $1.03 billion to $1.08 billion. Analysts expect earnings of $0.41 per share on revenues of $1.18 billion. Also Juniper announced additional cost reductions of about $100 million, and increased its total annualized commitment to $260 million, in order to lower operating expenses while improving profitability and long-term growth. "This initiative will improve Juniper's cost structure and continue earnings growth as the company navigates through current market conditions," Juniper said. Key components to the cost reductions include a careful management of headcount, focus on improved efficiencies and prioritization of revenue-generating projects. Juniper declared a quarterly cash dividend of $0.10 per share. Copyright RTT News/dpa-AFX |