Symantec Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 27, 2013; Provides Earnings Guidance for the Fourth Quarter and Full year Ending March 28, 2014
January 30, 2014 at 02:31 am IST
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Symantec Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended December 27, 2013. For the quarter, the company reported total net revenue of $1,705 million compared to $1,791 million a year ago. Operating income was $405 million compared to $304 million a year ago. Income before income taxes was $387 million compared to $290 million a year ago. Net income attributable to the company's shareholders was $283 million or $0.40 diluted per share compared to $216 million or $0.31 diluted per share a year ago. Non-GAAP operating income was $513 million compared to $464 million a year ago. Non-GAAP net income was $358 million or $0.51 diluted per share compared to $317 million or $0.45 diluted per share a year ago. Non-GAAP net revenue was $1,705 million against $1,791 million a year ago. Cash flow from operating activities was $329 million, down 29% year over year.
For the nine months period, the company reported total net revenue of $5,051 million compared to $5,158 million a year ago. Operating income was $877 million compared to $851 million a year ago. Income before income taxes was $858 million compared to $773 million a year ago. Net income attributable to the company's shareholders was $681 million or $0.96 diluted per share compared to $565 million or $0.80 basic and diluted per share a year ago. Net cash provided by operating activities was $832 million compared to $981 million a year ago. Purchases of property and equipment were $183 million compared to $245 million a year ago.
For the fourth quarter, the company expects revenue of $1.615 billion to $1.655 billion, compared to $1.748 billion in the year ago period. GAAP operating margin of 18.0% to 19.5% compared to 14.6% in the year ago period. Non-GAAP operating margin of 24.5% to 26.0% compared to 24.1% in the year ago period. GAAP diluted earnings per share between $0.29 and $0.31 as compared to $0.27 in the year ago period. Non-GAAP diluted earnings per share between $0.40 and $0.42 as compared to $0.44 in the year ago period. The company guidance assumes an effective tax rate of 28% and a common stock equivalents total for the quarter of 702 million shares.
For the year ending March 28, 2014, the company expects revenue of $6.666 billion to $6.706 billion, compared to $6.906 billion in the year ago period. GAAP operating margin of 17.6% to 17.9% compared to 16.0% in the year ago period. Non-GAAP operating margin of 26.9% to 27.2% compared to 25.5% in the year ago period. GAAP diluted earnings per share between $1.25 and $1.27 as compared to $1.06 in the year ago period. Non-GAAP diluted earnings per share between $1.85 and $1.87 as compared to $1.76 in the year ago period.
Gen Digital Inc. (formerly NortonLifeLock Inc.) is the world's leader in Internet security. The group develops and sells software programs designed for anti-intrusion protection, information and data security, application performance, storage, and server management, data management and storage, access filtering, vulnerability analysis, etc. Net sales break down by family of products as follows:
- consumer security and antivirus protection solutions (50.7%): Norton 360 Security, Norton Security, Norton Secure VPN, Avira Security, Avast, etc.;
- identity and information protection solutions (49.3%).
Net sales break down geographically as follows: Americas (70.2%), Europe/Middle East/Africa (18.1%) and Asia/Pacific (11.7%).
Symantec Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 27, 2013; Provides Earnings Guidance for the Fourth Quarter and Full year Ending March 28, 2014