Symantec Earnings: Here’s Why Investors Don’t Like These Results
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 are down 0.4%.
Symantec Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 15.79% to $0.44 in the quarter versus EPS of $0.38 in the year-earlier quarter.
Revenue: Rose 3.99% to $1.75 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Symantec Corporation reported adjusted EPS income of $0.44 per share. By that measure, the company beat the mean analyst estimate of $0.38. It beat the average revenue estimate of $1.73 billion.
Quoting Management: “In a year of significant leadership changes and development of a new company strategy, the team remained focused on running the business to deliver better than expected results,” said Steve Bennett, president and chief executive officer, Symantec. “Our focus on operational change and repositioning the business in fiscal year 2014 will set the foundation to drive better execution long-term. Never have I been more optimistic about the opportunity in front of us to make a difference for our employees, customers and shareholders.”
Key Stats (on next page)…
Revenue decreased 2.4% from $1.79 billion in the previous quarter. EPS decreased 2.22% from $0.45 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 $0.45 to a profit $0.44. For the current year, the average estimate is a profit of $1.71, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)