LONDON, UK / ACCESSWIRE / February 15, 2018 / Active-Investors.com has just released a free earnings report on Symantec Corp. (NASDAQ: SYMC). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=SYMC. The Company posted its financial results on January 31, 2018, for the third quarter of the fiscal year 2018 (Q3 FY18). The Mountain View, California-based Company's non-GAAP diluted EPS grew on a y-o-y basis, beating market consensus expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Symantec most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the three months ended December 29, 2017, Symantec reported total GAAP net revenues of $1.21 billion, rising 16% from the $1.04 billion recorded at the end of Q3 FY17. However, the Company's GAAP net revenue numbers fell short of market expectations of $1.26 billion. Furthermore, the Company's non-GAAP revenues rose 13% to $1.23 billion in Q3 FY18 from $1.09 billion in Q3 FY17.
The security software maker recorded a GAAP net income of $1.34 billion, or $2.01 per diluted share, in Q3 FY18 compared to $46 million, or $0.07 per diluted share, in Q3 FY17. Meanwhile, the Company's non-GAAP earnings grew to $328 million, or $0.49 per diluted share, during Q3 FY18 from $209 million, or $0.32 per diluted share, in Q3 FY17. Meanwhile, Wall Street had expected non-GAAP net income of $0.44 per diluted share for Q3 FY18.
Operating Metrics
In the three months ended December 29, 2017, the Company spent $249 million on cost of revenues, up from $235 million in the prior year's same quarter. The Company reported a GAAP gross profit of $960 million, or 79% of revenues, in Q3 FY18 compared to $806 million, or 77% of revenues, in Q3 FY17.
During the reported quarter, the Company's total operating expenses came in at $864 million versus $822 million in the last year's comparable quarter. The Company's non-GAAP operating income increased to $463 million, or 37.5% of revenues, during Q3 FY18 from $331 million, or 30.4% of revenues, in Q3 FY17.
Segment Results
Symantec's Consumer Digital Safety segment reported revenues of $584 million in Q3 FY18, rising from $397 million in Q3 FY17. The segment's operating income was $302 million for Q3 FY18 compared to $213 million in Q3 FY17.
The Company's Enterprise Security segment's revenues were $625 million in Q3 FY18 compared to $644 million in Q3 FY17. Meanwhile, the segment's operating income surged to $136 million in Q3 FY18 from $58 million in Q3 FY17.
Cash Flow and Balance Sheet
During the three months ended December 29, 2017, Symantec generated $294 million in cash from operating activities versus $148 million in the third quarter of the fiscal year 2017. Symantec had $2.14 billion in cash and cash equivalents as on December 29, 2017, compared to $4.25 billion as on March 31, 2017. Furthermore, the Company's long-term debt fell to $5.59 billion as on December 29, 2017, from $6.88 billion as on March 31, 2017.
Dividend
In its quarterly earnings report, the Company's Board of Directors announced a quarterly cash dividend of $0.075 per common share, to be paid on March 14, 2018, to all shareholders of record as of the close of business on February 22, 2018.
Outlook
In its guidance for the full year FY18, Symantec expects non-GAAP revenues to be in the range of $4.92 billion to $4.95 billion, with a non-GAAP operating margin of 34%. Furthermore, non-GAAP diluted EPS is projected to be between $1.60 and $1.64 for FY18.
For Q4 FY18, the Company anticipates non-GAAP revenues to be in the range of $1.18 billion to $1.21 billion, while non-GAAP operating margin is expected to be between 33% and 34%. Additionally, non-GAAP diluted EPS is forecasted to be in the band of $0.37 to $0.41 for Q4 FY18.
Stock Performance Snapshot
February 14, 2018 - At Wednesday's closing bell, Symantec's stock advanced 1.66%, ending the trading session at $27.02.
Volume traded for the day: 6.43 million shares.
After yesterday's close, Symantec's market cap was at $16.73 billion.
Price to Earnings (P/E) ratio was at 18.36.
The stock has a dividend yield of 1.11%.
The stock is part of the Technology sector, categorized under the Security Software & Services industry. This sector was up 1.8% at the end of the session.
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