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Symantec’s Operating Margin and EPS Rise in Third Quarter Fiscal 2014; Full-Year 2014 Guidance Raised

MOUNTAIN VIEW, Calif. ? Jan. 27, 2014 ? Symantec Corp. (NASDAQ: SYMC) today reported revenue of $1.7 billion for its third quarter of fiscal year

MOUNTAIN VIEW, Calif. ? Jan. 27, 2014 ? Symantec Corp. (NASDAQ: SYMC) today reported revenue of $1.7 billion for its third quarter of fiscal year 2014, ended December 27, 2013, down 5 percent year-over-year and down 4 percent after adjusting for currency. Non-GAAP operating margin of 30.1 percent grew 370 basis points after adjusting for currency, resulting in non-GAAP earnings per share of $0.51, up 13 percent year-over-year. GAAP operating margin of 23.8 percent grew 680 basis points, resulting in GAAP earnings per share of $0.40, up 29 percent year-over-year.
“We benefited in the December quarter from improved total business activity after separating our sales organization into dedicated new business and renewal teams earlier this year,” said Steve Bennett, president and chief executive officer, Symantec.
“Although revenue declined, we exceeded our expectations in operating margin and EPS. While we won’t be pleased until total business activity is growing again, I’m happy with our financial results given the massive changes in our business.” “Since July, we’ve made substantial progress in three areas — offerings, go-to-market, and increased efficiency — to drive improved long-term performance. We have the right strategy to leverage Symantec’s assets and better solve our customers’ biggest problems. We are where we expected to be at this point in our 3-to 5-year transformation, as we continue to make the changes needed to achieve our long-term targets.”
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