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Symantec Q1 Net Falls, but Beats Wall Street View; Sets Outlook

Symantec Corp., the security software maker, has reported a lower first-quarter earnings of USD 95 million, or 9 cents a share, from USD 199 million, or 27 cents a share, a year ago on expenses that included costs related to its Veritas acquisition. Excluding items, the company said it posted a per-share profit of 24 cents.

In spite of a fall in its quarterly profit, the company topped Wall Street forecast of 18 cents a share, excluding items, according to Reuters Estimates.

"Performance for the quarter was driven by strong sales of our Norton Internet Security, Storage Foundation, and enterprise messaging solutions, as well as solid execution by our services organization," said John Thompson, Symantec chairman and chief executive officer.

Revenue, which included deferred revenue related to Veritas, rose to USD 1.28 billion from USD 1.26 billion. The year ago figure includes USD 559.3 million in revenue from Veritas, which Symantec acquired last July.

For the September quarter the company expects to earn between 11 cents and 12 cents a share, and 26 cents and 27 cents a share, excluding items.

Non-GAAP revenue for the September quarter is estimated between USD 1.275 billion and USD 1.305 billion.

For the fiscal year ending March 2007, the company expects to earn between 46 cents to 56 cents a share, on revenue in the range of USD 5.1 billion to USD 5.3 billion.

For the full year, Symantec raised its earnings per share outlook before items by 6 cents to a range of USD 1.06 and USD 1.16 to reflect the impact of a USD 1.5 billion stock buyback announced in June. It expects non-GAAP revenue at USD 5.2 billion to USD 5.4 billion.


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