Juniper Networks Announces Increased Quarterly Cash Dividend and Expansion of Capital Return Plan
January 30 2018 - 4:15PM
Juniper Networks (NYSE:JNPR), an industry leader in automated,
scalable and secure networks, today announced an expansion of its
capital return plan. Juniper today announced that its Board of
Directors has declared an increase of its quarterly cash dividend
to $0.18 per share to be paid on March 22, 2018 to shareholders of
record as of the close of business on March 1, 2018. This reflects
an increase of 80% compared to previous quarterly dividends. The
Company intends to grow its dividend over time.
Additionally, the Company’s Board of Directors
has approved a new $2 billion buyback authorization, which replaces
the existing authorization. Juniper plans to enter into a $750
million accelerated share repurchase program in the first quarter
of this year, and intends to be opportunistic with its share
repurchases thereafter.
“Our expanded capital return program reinforces
our ongoing commitment to delivering total shareholder value,” said
Ken Miller, chief financial officer, Juniper Networks. “The new
buyback authorization, anticipated ASR program and increased
dividend announced today reflect our confidence in Juniper’s
long-term strategy.”
In fiscal year 2017, Juniper repurchased $720
million worth of shares, including $330 million worth of shares in
the fourth quarter, and paid $150 million in dividends.
Juniper will continue to review its capital
return policy over time, subject to capital availability, company
financial performance, economic outlook and other relevant
considerations. Additional details of the new capital return
program will be discussed during Juniper’s fourth quarter earnings
call today, January 30, 2018, at 2:00 pm PT.
Juniper today also reported preliminary
financial results for the three months and twelve months ended
December 31, 2017 and provided its outlook for the three months
ending March 31, 2018. Additional details can be found in the
Investor Relations section of the Company's website at
http://investor.juniper.net/investor-relations/default.aspx.
About Juniper Networks
Juniper Networks (NYSE:JNPR) challenges the
status quo with products, solutions and services that transform the
economics of networking. Our team co-innovates with our customers
and partners to deliver automated, scalable and secure networks
with agility, performance and value. Additional information can be
found at Juniper Networks (www.juniper.net) or connect with Juniper
on Twitter and Facebook.
Investors and others should note that the
Company announces material financial and operational information to
its investors using its Investor Relations website, press releases,
SEC filings and public conference calls and webcasts. The Company
also intends to use the Twitter account @JuniperNetworks and the
Company’s blogs as a means of disclosing information about the
Company and for complying with its disclosure obligations under
Regulation FD. The social media channels that the Company intends
to use as a means of disclosing information described above may be
updated from time to time as listed on the Company’s Investor
Relations website.
Juniper Networks, the Juniper Networks logo,
Juniper, and Junos are registered trademarks of Juniper Networks,
Inc. and/or its affiliates in the United States and other
countries. Other names may be trademarks of their respective
owners.
Safe Harbor
Statements in this release concerning Juniper
Networks’ business outlook, economic and market outlook, execution
of our capital return program, including the initiation of an
accelerated share repurchase program and intention to increase our
dividend over time and our overall future prospects are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act that involve a number of
uncertainties and risks. Actual results or events could differ
materially from those anticipated in those forward-looking
statements as a result of several factors, including: general
economic and political conditions globally or regionally; business
and economic conditions in the networking industry; changes in
overall technology spending by our customers and spending by
communication service providers and major customers, including
Cloud providers; the network capacity requirements of our customers
and, in particular, cloud and communication service providers;
contractual terms that may result in the deferral of revenue;
increases in and the effect of competition; the timing of orders
and their fulfillment; manufacturing and supply chain constraints,
changes or disruptions; availability of key product components;
ability to establish and maintain relationships with distributors,
resellers and other partners; variations in the expected mix of
products sold; changes in customer mix; changes in geography mix;
customer and industry analyst perceptions of Juniper Networks and
its technology, products and future prospects; delays in scheduled
product availability; market acceptance of Juniper Networks
products and services; rapid technological and market change;
adoption of regulations or standards affecting Juniper Networks
products, services or the networking industry; the ability to
successfully acquire, integrate and manage businesses and
technologies; product defects, returns or vulnerabilities; the
ability to recruit and retain key personnel; significant effects of
tax legislation, including the Tax Cuts and Jobs Act, and judicial
or administrative interpretation of tax regulations; currency
fluctuations; litigation settlements and resolutions; the potential
impact of activities related to the execution of capital return,
restructurings and product rationalization; and other factors
listed in Juniper Networks’ most recent report on Form 10-Q or 10-K
filed with the Securities and Exchange Commission. All statements
made in this press release are made only as of the date set forth
at the beginning of this release. Juniper Networks undertakes no
obligation to update the information made in this release in the
event facts or circumstances subsequently change after the date of
this press release.
Investor Relations:Jess LubertJuniper
Networks(408) 936-3734jlubert@juniper.net
Media Relations:Leslie MooreJuniper
Networks(408) 936-5767llmoore@juniper.net
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