Symantec Corporation Earnings Cheat Sheet: Beats the Street on Profit Rise
S&P 500 (NYSE:SPY) component Symantec Corporation (NASDAQ:SYMC) reported net income above Wall Street’s expectations for the first quarter. Symantec Corporation provides security, storage and systems management solutions to help businesses and consumers secure and manage their information.
Symantec Earnings Cheat Sheet for the First Quarter
Results: Net income for Symantec Corporation rose to $172 million (22 cents per share) vs. $161 million (20 cents per share) in the same quarter a year earlier. This marks a rise of 6.8% from the year earlier quarter.
Revenue: Rose 15.4% to $1.65 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: SYMC reported adjusted net income of 40 cents per share. By that measure, the company beat the mean estimate of 33 cents per share. It beat the average revenue estimate of $1.58 billion.
Quoting Management: “The current threat landscape continues to be toxic and targeted. In addition, information is growing at unprecedented rates. As a result, customers increasingly understand the value of our unique portfolio and are expanding their commitment to Symantec. For the fourth consecutive quarter, we exceeded all of our key financial metrics,” said Enrique Salem, president and chief executive officer.
Revenue has risen the past four quarters. Revenue increased 9.3% to $1.67 billion in the fourth quarter of the last fiscal year. The figure rose 3.6% in the third quarter of the last fiscal year from the year earlier and climbed 18% in the second quarter of the last fiscal year from the year-ago quarter.
Last quarter’s profit increase breaks a streak of three consecutive quarters of year-over-year profit decreases. In the fourth quarter of the last fiscal year, net income fell 12% from the year earlier, while the figure dropped 56% in the third quarter of the last fiscal year and 9.3% in the second quarter of the last fiscal year.
The company beat estimates last quarter after being in line with expectations in the fourth quarter of the last fiscal year with net income of 33 cents per share.
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).
(Source: Xignite Financials)