NEWS

Symantec reports Third Quarter Fiscal 2014

By VARINDIA - 2014-02-03

Symantec has reported revenue of $1.7 billion for its third quarter of fiscal year 2014, ended December 27, 2013, down 5 per cent year-over-year and down 4 per cent after adjusting for currency. Non-GAAP operating margin of 30.1 per cent grew 370 basis points after adjusting for currency, resulting in non-GAAP earnings per share of $0.51, up 13 per cent year-over-year. GAAP operating margin of 23.8 per cent grew 680 basis points, resulting in GAAP earnings per share of $0.40, up 29 per cent year-over-year.

"We benefited in the December quarter from improved total business activity after separating our sales organization into dedicated new business and renewal teams earlier this year. Although revenue declined, we exceeded our expectations in operating margin and EPS. While we won't be pleased until total business activity is growing again,” said Steve Bennett, President & Chief Executive Officer, Symantec.

Symantec ended the quarter with cash, cash equivalents and short-term investments of $3.9 billion compared to $4.3 billion, a decrease of 9 per cent year-over-year. On December 18, 2013, we paid a dividend of $0.15 per share for a total of $104 million. Also, during the quarter, Symantec repurchased 5.3 million shares for $125 million at an average price of $23.76. At the end of the third quarter, Symantec had $783 million remaining for future repurchases in the current board authorized stock repurchase plan.

For the fourth quarter of fiscal 2014, the Company expects to achieve revenue of $1.615 to $1.655 billion, compared to $1.748 billion in the year-ago period. However, for the fiscal year 2014, the company expects revenue of $6.666 to $6.706 billion, compared to $6.906 billion in the year-ago period.