Sonus follow-up: Guidance strong, new $100M buyback, CFO leaving

|About: Sonus Networks, Inc. (SONS)|By:, SA News Editor

Q3 guidance is for revenue of $68M-$72M and basic EPS of $0.01. Consensus is for revenue of $65.9M and diluted EPS of $0.01.

2013 guidance is for revenue of $274M-$278M and diluted EPS of $0.01-$0.02, above a consensus of $269.1M and $0.00.

CFO Maurice Castonguay, 61, will leave once a successor is in place. He'll remain for the rest of 2013, if necessary.

Services chief Matt Dillon is also leaving. He'll be replaced by sales VP Peter Polizzi.

The Q2 beat was fueled by a 52% Y/Y increase in session border controller (SBC) revenue to $29M (42% of total). SBC growth appears to be offsetting slowing VoIP gateway sales.

Enterprise sales grew to make up 21% of revenue.

Gross margin was 63.6%, +390 bps Q/Q and +670 bps Y/Y.

SG&A spend -9% Q/Q to $28.9M thanks to restructuring.

The buyback is good for repurchasing 9.5% of shares at current levels.

SONS +3.1% AH, CC at 4:45PM ET (webcast).

Q2 results, PR