Options settlement costs mar Juniper's 1Q10


Options settlement costs mar Juniper's 1Q10

Ian Grant

Communications equipment maker Juniper Networks reported a 19% rise in turnover year on year to $912m as its operating margin rose to 17.6% from 10.6% a year ago.

The company reported net income of $163.1m, or $0.30 per diluted share, helped by a non-recurring income tax benefit of $54.1m or $0.10 per share.

CEO Kevin Johnson said, "Juniper executed very well in the first quarter and has set a solid foundation for growth in 2010."

Key future areas were mobility and video that "transformed" the economics and experience of networking, he said.

Juniper generated $257.9m in cash, but paid $169.3m to settle a class action litigation claim related to its former stock option granting practices, leaving net cashflow at $88.5m, just over half what it achieved a year ago.

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