SYMANTEC CORP. (Nasdaq symbol SYMC; www.symantec.com) sells computer security technology, including anti-virus and email-filtering software, to businesses and consumers. It also offers data-archiving software.
Symantec’s shares continue to rise on better-than-expected earnings and a new restructuring plan that should improve the company’s long term profitability.
In its fiscal 2013 third quarter, which ended December 28, 2012, Symantec’s revenue rose 4.4%, to a record $1.8 billion from $1.7 billion a year earlier. That’s mainly because its business clients are buying more of its data-security and storage services. However, rising costs, including for labour, caused the company’s earnings to fall 0.3%, to $313 million from $314 million.
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Tech stocks: Symantec announces first quarterly dividend for June quarter
Symantec spent $200 million on share repurchases in the latest quarter. Due to fewer shares outstanding, earnings per share rose 7.1%, to $0.45 from $0.42. That easily beat the consensus estimate of $0.38. The company continues to spend around 14% of its revenue on research and development.
Symantec’s restructuring plan mainly involves streamlining its product lines and marketing operations. As a result, it will cut 5% of its 20,500 employees.
The company will pay a quarterly dividend starting in the three months ending June 30, 2013. The annual rate, probably $0.52 a share, would yield 2.1% based on today’s price.
In the latest edition of Stock Pickers Digest, we look at whether Symantec’s shares are likely to keep rising as the company’s restructuring plan takes hold. We conclude with our clear buy-hold-sell advice on the stock.
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