Join        Login             Stock Quote

Symantec (SYMC) 3Q EPS Beats Estimates, Splits Chairman And CEO Positions; Shares Up

 January 23, 2013 09:11 AM

(By Balaseshan) Symantec Corp. (NASDAQ: SYMC) reported a 12% decline in quarterly earnings due to higher costs and expenses as well as an increase in provision for taxes. Results exceeded Street's expectations, and the security software company split Chairman and CEO positions, sending its shares up 3.79% in premarket.

Earnings for the third quarter were $212 million or $0.20 per share, down from $240 million or $0.32 per share last year. Adjusted earnings per share (EPS) rose to $0.45 from $0.42.

Net revenue increased 4% to $1.79 billion, on strength in EMEA, information management and license revenue. Revenue rose 5% after adjusting for currency.

[Related -8 High-Return Dividend Stocks]

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.38 per share on revenue of $1.74 billion for the third quarter.

Deferred revenue was $3.806 billion for the latest quarter, up 4% year-over-year on an actual and currency-adjusted basis.

Consumer revenue rose 1%, while Security and Compliance revenue increased 3%. Storage and Server Management revenue increased 8%, while Services revenue grew 10%.

Revenue from the Americas, including the United States, Latin America and Canada, rose 3%, while International revenue increased 6%. The Europe, Middle East and Africa revenue increased 6%, while Asia Pacific/Japan revenue grew 7%.

Adjusted operating margin was 25.6%, down 60 basis points year-over-year and down 80 basis points after adjusting for currency, due to increased investment in certain areas to better serve its customer needs, the company noted.

[Related -Symantec Corporation (SYMC) Q1 Earnings Preview: Upgrading the Sales Team Could Downgrade Margins]

In a separate release, the company said it has split the roles of chairman of the board and chief executive officer. The board has elected director Dan Schulman to the position of non-executive chairman while Steve Bennett remains president and chief executive officer.

SYMC closed Tuesday's regular session at $20.86. The stock has been trading between $13.06 and $21.14 for the past 52 weeks.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageReversals After a Gap on the Open Could Mean Anything

Yesterday stock indexes gapped up on the open but then reversed course to close sharply lower. This type of read on...

article imageJobless Claims Fall To 15-Year Low

After reading today’s weekly update on jobless claims the Fed’s comment yesterday that “economic activity read on...

article imageGreece, EMU and Democracy

One more post on Greece, possibly not the last read on...

article imageA Tangled Tale Of Rate Hikes & Inflation Expectations

The Federal Reserve continues to signal that it will start raising interest rates later this year, read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.