Symantec Corp Earnings: Margins Expand For Fifth Straight Quarter, Net Income Rises

S&P 500 (NYSE:SPY) component Symantec Corporation (NASDAQ:SYMC) reported net income above Wall Street’s expectations for the third 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 Third Quarter

Results: Net income for Symantec Corporation rose to $241 million (32 cents per share) vs. $132 million (17 cents per share) in the same quarter a year earlier. This marks a rise of 82.6% from the year earlier quarter.

Revenue: Rose 7% to $1.72 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: SYMC reported adjusted net income of 42 cents per share. By that measure, the company beat the mean estimate of 37 cents per share. It beat the average revenue estimate of $1.71 billion.

Quoting Management: “Through consistent execution of our strategy, we met or exceeded revenue and earnings for the sixth consecutive quarter,” said Enrique Salem, president and chief executive officer, Symantec. “With unprecedented information growth and the increasingly toxic threat landscape, customers understand the value of our portfolio and we continue to see good demand for our products and services across all geographies.”

Key Stats:

The company has now seen net income rise in three straight quarters. In the second quarter, net income rose 33.8% and in the first quarter, the figure rose 18.6%.

Revenue has risen the past four quarters. Revenue increased 13.6% to $1.68 billion in the second quarter. The figure rose 15.4% in the first quarter from the year earlier and climbed 9.3% in the fourth 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 second quarter with net income of 34 cents per share.

Looking Forward: Over the last 30 days, analysts have not been optimistic about the company’s next quarter performance. The average estimate for the fourth quarter is now 38 cents per share, down from 39 cents. For the fiscal year, the average estimate has moved down from $1.48 a share to $1.47 over the last thirty days.

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).

Stock Performance: Shares of SYMC were up 1.2% from the previous close.

Investing Insights: Will the iPad 3 Be the Next Catalyst for Apple’s Stock?

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

To contact the reporter on this story: Derek Hoffman at

To contact the editor responsible for this story: Damien Hoffman at