Symantec Earnings: Satisfies Shareholders
Symantec Corporation (NASDAQ:SYMC) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares closed up 2.88%.
Symantec Corporation Earnings Cheat Sheet
Results: Net income increased 30.42% to $313 million (45 cents per diluted share) in the quarter versus a net gain of $240 million in the year-earlier quarter.
Revenue: Rose 4.37% to $1.79 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Symantec Corporation reported adjusted net income of 45 cents per share. By that measure, the company beat the mean analyst estimate of $0.38. It beat the average revenue estimate of $1.74 billion.
“We continue to deliver better than expected results,” said Steve Bennett, president and chief executive officer, Symantec. “I’m so proud of our employees. These types of results don’t happen by accident. The fact that we can deliver these results in a period of significant transition and uncertainty is a testament to our employees, the strength of our brand, the quality of our products and the scope of our customer base…
…Strength in EMEA, information management and license revenue drove our FX adjusted organic revenue growth of 4%,” said James Beer, executive vice president and chief financial officer, Symantec. “Our better than expected top line growth coupled with disciplined expense management drove non-GAAP operating margins of 25.6% even as we are investing in certain areas to better serve our customer needs.”
Revenue increased 5.36% from $1.7 billion in the previous quarter. Net income increased 62.18% from $193 million in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.41 to a profit $0.4. For the current year, the average estimate has moved up from a profit of $1.63 to a profit of $1.66 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)