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Symantec's Turnaround Continues

Stocks in this article: SYMC

Symantec CFO James Beer's comments have been added to this story.

MOUNTAIN VIEW, Calif. ( TheStreet -- Symantec's (SYMC) turnaround continues, as evidenced by strong fiscal fourth-quarter results, released after market close on Wednesday.

After overcoming its execution problems Symantec continued its recent run of healthy quarterly numbers. The company reported revenue of $1.67 billion, up 9% in the prior year's quarter, and just above the $1.6 billion forecast by analysts.

Excluding items, Symantec earned 38 cents a share, down from 40 cents a share in the same period last year. Analysts surveyed by Thomson Reuters were looking for 36 cents a share.

"We achieved record quarterly revenue and deferred revenue, as a result of strong bookings performance across all three regions," explained James Beer, the Symantec CFO, in a statement. "We continued to generate substantial cash flow from operations driven by the success of our sales efforts and our continuing focus on cost control."

Beer, in an interview with TheStreet, explained that he was particularly pleased with Symantec's topline numbers. "We saw really nice growth around enterprise backup, hosted services and Data Loss Prevention products," he said.

The software firm, which competes with McAfee, now part of Intel (INTC), and Microsoft (MSFT), said it expects adjusted earnings of 36 to 37 cents a share in its fiscal first quarter ending in June on revenue ranging from $1.57 billion to $1.59 billion.

Wall Street's current consensus view is for a profit of 36 cents a share from Symantec in the first quarter on revenue of $1.55 billion.

The stock was last quoted at $19.30, down 11 cents, on after-hours volume of roughly 400,000, according to Year-to-date, the shares were up about 17% based on Wednesday's regular session close at $19.41.

-- Written by James Rogers in New York.

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