Juniper Networks, which makes large routers for Internet infrastructure use, reported positive earnings for its most-recent financial quarter, with revenues increasing 43 percent from a like period in 2003.
For the period ending March 31, 2004, Juniper said it had net revenues of $224.1 million, up from $157.2 million for the same quarter a year ago and up 8 percent from the fourth quarter of 2003. The company's GAAP net income for its first fiscal quarter of 2004 was 8 cents per share, hitting the number predicted by Wall Street analysts before Wednesday's earnings announcement.
Juniper said that NetScreen Technologies, the security products company Juniper said it would acquire earlier this year, had revenues of $93.5 million for the first quarter, up from $58.3 million for the same period in 2003. NetScreen's GAAP net loss for the quarter was 3 cents per share, compared to a loss of 7 cents per share for the like period a year ago.
Since the NetScreen acquisition did not close until April 16, its financial results will not be combined with Juniper's until the next fiscal quarter, Juniper said.
"Our first quarter was strong, and the outlook going forward is that Juniper is positioned exactly where the industry needs to go," said Scott Kriens, Juniper's CEO, in a conference call Wednesday afternoon. Juniper said strong sales in the government market, as well as strong sales through Ericsson and Siemens, which resell Juniper equipment, helped contribute to the quarter's success.
