F5 Networks Issues Q3 Guidance; Board Authorizes Additional $1 Bln For Buyback

(RTTNews) - F5 Networks, Inc. (FFIV) announced, for the quarter ending June 30, 2016, the company has set a revenue goal of $490 million to $500 million with a GAAP earnings target of $1.29 to $1.32 per share and a non-GAAP earnings target of $1.77 to $1.80 per share. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.73 on revenue of $502.72 million. Analysts' estimates typically exclude special items.

The company also announced that its board had authorized an additional $1 billion for the company's common stock share repurchase program. This new authorization is incremental to the $73.8 million currently unused in the existing program which was initially authorized in October 2010.

Excluding the impact of patent litigation expense, stock-based compensation and amortization of purchased intangible assets, second-quarter non-GAAP net income was $114.0 million or $1.68 per share, compared to $115.3 million or $1.59 per share in the second quarter of last year. GAAP net income was $75.4 million or $1.11 per share compared to $85.7 million or $1.18 per share in the second quarter a year ago.

For the second quarter of fiscal 2016, revenue was $483.7 million, up 2 percent from $472.1 million in the second quarter of last year.