News Column

Symantec Boosts Earnings by 50 Percent

August 6, 2014

Associated Press

MOUNTAIN VIEW, Calif. (AP) Symantec Corp. (SYMC) on Wednesday reported earnings that increased by 50 percent in its fiscal first quarter, and topped analysts' expectations.

The Mountain View, California-based maker of computer security software said net income increased to $236 million, or 34 cents per share, from $157 million, or 22 cents per share, in the same quarter a year ago.

Earnings, adjusted for one-time gains and costs, came to 45 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.

The security software maker said revenue climbed 1.5 percent to $1.74 billion from $1.71 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $1.67 billion, according to Zacks.

For its current quarter ending in early October, Symantec projected its adjusted earnings per share will range from 40 cents to 44 cents on revenue ranging from $1.6 billion to $1.64 billon. Analysts, on average, had forecast adjusted earnings of 45 cents per share on revenue of $1.63 billion, according to FactSet.

Symantec shares have risen 15 cents, or less than 1 percent, to $23.73 since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 4 percent. However, the stock has declined $2.93, or 11 percent, in the last 12 months. The shares slipped three cents to $23.70 in extended trading.

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Original headline: Symantec 1Q profit climbs 50 percent


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