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TheStreet Open House

Symantec Surges on Earnings Beat

NEW YORK ( TheStreet) - Symantec (SYMC) skipped past Wall Street's second-quarter estimates after market close on Tuesday, prompting a sharp uptick in the company's shares.

The security software specialist brought in revenue of $1.7 billion, an increase of 1% on the same period last year, or a 5% hike adjusted for the effects of currency. Analysts surveyed by Thomson Reuters were looking for sales of $1.66 billion.

Excluding items, Symantec earned 45 cents a share, up from 39 cents a share in the year-ago quarter, and comfortably above analysts' forecast of 38 cents a share.

Investors welcomed the numbers, pushing Symantec's shares up 5.7% to $18.36 in extended trading.

The results cap an eventful few months for Symantec, which announced a surprise management change in July when CEO Enrique Salem stepped down after three years at the company's helm, to be replaced by board Chairman Steve Bennett.

"I am pleased with the team's results and progress made this quarter. We delivered solid results during the first quarter of a significant transition for the company," said Bennett, in a statement released after market close. "While focused on running the company, the team is also hard at work building a strategy and operational plan to deliver greater than 5 percent organic growth and 30 percent operating margins on a sustainable basis within the next two-to-three years."

Symantec also cited second-quarter strength in enterprise security and backup, as well as growth in consumer security.

For the third quarter, Symantec expects revenue between $1.72 billion and $1.75 billion, at the high end of analysts' forecast of $1.72 billion. Excluding items, the company projects earnings between 36 cents a share and 38 cents a share, below the consensus estimate of 42 cents a share.

--Written by James Rogers in New York.

>To submit a news tip, send an email to: tips@thestreet.com.

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