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Mar 31, 2021
Juniper Networks Q1 2021 Earnings Report
Juniper Networks reported preliminary financial results for Q1 2021, with revenue exceeding expectations and strong product orders across customer verticals.
Key Takeaways
Juniper Networks reported strong Q1 2021 results, with revenue exceeding expectations and better-than-expected product orders across all customer verticals. The company's backlog grew sequentially and year-over-year, and near-term visibility is strong. Juniper believes its investments are paying off and should enable sustained revenue growth and improved profitability.
Net revenues were $1,074.4 million, an increase of 8% year-over-year.
GAAP operating margin was 2.6%, a decrease from 3.9% in the first quarter of 2020.
Non-GAAP net income was $98.5 million, an increase of 28% year-over-year.
Total cash, cash equivalents, and investments as of March 31, 2021 were $1,764.6 million.
Revenue by Geographic Location
Forward Guidance
Juniper Networks provided its outlook for the quarter ending June 30, 2021. Revenue is expected to be approximately $1,140 million, plus or minus $50 million. Non-GAAP net income per share will be approximately $0.38, plus or minus $0.05.
Positive Outlook
- Revenue will be approximately $1,140 million, plus or minus $50 million.
- Non-GAAP gross margin will be approximately 59.5%, plus or minus 1.0%.
- Non-GAAP operating margin will be approximately 14.6% at the mid-point of revenue guidance.
- Non-GAAP other income and expense (OI&E) will be an expense of approximately $12 million.
- Non-GAAP tax rate will be approximately 19.5%.
Challenges Ahead
- Non-GAAP operating expenses will be approximately $512 million, plus or minus $5 million.
- There is a worldwide shortage of semiconductors impacting many industries.
- We are experiencing ongoing supply constraints which have resulted in extended lead times.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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