Symantec Corp. Earnings Cheat Sheet: The Profit Streak Continues

S&P 500 (NYSE:SPY) component Symantec Corporation (NASDAQ:SYMC) reported net income above Wall Street’s expectations for the second quarter. Symantec provides security, storage and systems management solutions to help businesses and consumers secure and manage their information.

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Symantec Earnings Cheat Sheet for the Second Quarter

Results: Net income for the security software and services company rose to $182 million (24 cents per share) vs. $136 million (17 cents per share) in the same quarter a year earlier. This marks a rise of 33.8% from the year earlier quarter.

Revenue: Rose 13.6% to $1.68 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: SYMC reported adjusted net income of 39 cents per share. By that measure, the company beat the mean estimate of 34 cents per share. Analysts were expecting revenue of $1.66 billion.

Quoting Management: “For the fifth consecutive quarter, we met or exceeded all of our key metrics, demonstrating that our strategy is working and that we continue to execute consistently,” said Enrique Salem, president and chief executive officer, Symantec. “As customers grapple with the challenges of rapid information growth and more sophisticated attacks as well as the major IT trends of virtualization, mobility and cloud computing, the value proposition we offer to help secure and manage their information is more relevant than ever. We continue to see good demand for our products and services across the portfolio.”

Key Stats:

Revenue has risen the past four quarters. Revenue increased 15.4% to $1.65 billion in the first quarter. The figure rose 9.3% in the fourth quarter of the last fiscal year from the year earlier and climbed 3.6% in the third quarter of the last fiscal year from the year-ago quarter.

The company beat estimates last quarter after being in line with expectations in the first quarter with net income of 33 cents per share.

The company has now seen net income rise in two straight quarters. In the first quarter, net income rose 18.6% from the year earlier.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is 37 cents per share, down from 39 cents ninety days ago. The average estimate for the fiscal year is now $1.47 per share, down from $1.48 sixty days ago.

Competitors to Watch: Microsoft Corporation (NASDAQ:MSFT), Websense Inc. (NASDAQ:WBSN), Oracle Corporation (NASDAQ:ORCL), CA, Inc. (NASDAQ:CA), VMware, Inc. (NYSE:VMW), Intl. Business Machines Corp. (NYSE:IBM), Hewlett-Packard Company (NYSE:HPQ), Novell, Inc. (NASDAQ:NOVL), Guidance Software, Inc. (NASDAQ:GUID), and Intel Corporation (NASDAQ:INTC).

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(Source: Xignite Financials)