Symantec Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 29, 2017; Provides Earnings Guidance for the Fourth Quarter of Fiscal 2018; Revises Earnings Guidance for the Full Year of Fiscal 2018
January 31, 2018 at 04:27 pm EST
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Symantec Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended December 29, 2017. For the quarter, net revenues were $1,209 million against $1,041 million a year ago. Operating income was $96 million against loss of $16 million a year ago. Income from continuing operations before income taxes was $705 million against loss of $61 million a year ago. Income from continuing operations was $1,311 million against loss of $56 million a year ago. Net income was $1,342 million against $46 million a year ago. Income per diluted share from continuing operations was $1.97 against loss of $0.09 per basic and diluted share a year ago. Net income per diluted share was $2.01 against $0.07 per basic and diluted share a year ago. Net cash provided by continuing operating activities was $260 million against $99 million a year ago. Additions to property and equipment were $33 million against $18 million a year ago. Net revenues (Non-GAAP) were $1,234 million against $1,088 million a year ago. Operating income (non-GAAP) were $463 million against $331 million a year ago. Net income (Non-GAAP) was $328 million against $209 million a year ago. Diluted net income per share (Non-GAAP) was $0.49 against $0.32 a year ago. Net cash provided by operating activities was $294 million against $148 million a year ago.
For nine months, net revenues were $3,624 million against $2,904 million a year ago. Operating income was $43 million against $78 million a year ago. Income from continuing operations before income taxes was $502 million against loss of $14 million a year ago. Income from continuing operations was $1,185 million against loss of $59 million a year ago. Net income was $1,197 million against $37 million a year ago. Income per diluted share from continuing operations was $1.78 against loss of $0.10 per basic and diluted share a year ago. Net income per diluted share was $1.80 against $0.06 per basic and diluted share a year ago. Net cash provided by continuing operating activities was $681 million against cash used in continuing operating activities of $460 million a year ago. Additions to property and equipment were $105 million against $57 million a year ago. Net cash provided by operating activities was $684 million against net cash used in operating activities of $564 million a year ago.
For the fourth quarter, the company expects GAAP revenue of $1,164 million to $1,194 million; non-GAAP revenue of $1,175 million to $1,205 million; GAAP operating margin of negative 1% to 0%; non-GAAP operating margin of 33% to 34%; GAAP diluted loss per share of $0.07 to $0.03; non-GAAP diluted earnings per share of $0.37 to $0.41; and amortization of intangible assets per share of $0.18.
For the fiscal 2018, the company expects GAAP revenue of $4,790 million to $4,820 million; non-GAAP revenue of $4,915 million to $4,945 million; GAAP operating margin of 0%; non-GAAP operating margin of 34%; GAAP diluted earnings per share of $0.29 to $0.33; non-GAAP diluted earnings per share of $1.60 to $1.64; and amortization of intangible assets per share of $0.67. Previously, the company forecast revenue of $4.88 billion to $4.98 billion and adjusted EPS of $1.66 to $1.76. And fiscal year 2018 cash flow from operations around the high end of previous guidance range of $800 million to $1 billion. Effective tax rate would benefit from the tax reform bill and are currently estimating a rate in the 21% to 22% range.
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 29, 2017; Provides Earnings Guidance for the Fourth Quarter of Fiscal 2018; Revises Earnings Guidance for the Full Year of Fiscal 2018