F5 Networks Q1 Profit Tops Estimate; Revenue Misses; Outlook Weak

(RTTNews) - F5 Networks, Inc. (FFIV) reported net income for the first quarter of $89.1 million or $1.21 per share, compared to $68.0 million or $0.87 per share for the year-ago quarter.

Excluding the impact of stock-based compensation and amortization of purchased intangible assets, adjusted net income for the first quarter was $114.2 million or $1.55 per share, compared to $94.8 million or $1.22 per share in the prior year quarter.

First quarter revenue rose 14% to $462.8 million from $406.5 million a year ago.

Analysts polled by Thomson Reutesr expected the company to earn $1.49 per share on revenue of $467.25 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts revenue of $465 million to $475 million, earnings of $1.07 to $1.10 per share and adjusted earnings of $1.48 to $1.51 per share. Analysts currently expect the company to earn $1.53 per share on revenue of $478.90 million for the second quarter.

The company also said that its board of directors had authorized an additional $750 million for the company's common stock share repurchase program. The new authorization is incremental to the $180.7 million currently unused in the existing program which was initially authorized in October 2010.