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Symantec Slumps on Shrinking Profit From Reorganization

Stocks in this article: SYMC

NEW YORK ( TheStreet) -- Symantec (SYMC) comfortably beat Wall Street's estimates in its fourth-quarter results Tuesday even as the computer security software maker's shares slumped on falling profit.

The Mountain View, Calif.-based firm brought in revenue of $1.748 billion, a 4% hike on the prior year's quarter, or 5% adjusted for the effects of currency. Analysts surveyed by Thomson Reuters were looking for sales of $1.727 billion.

Excluding items, Symantec earned 44 cents a share, up from 38 cents a share in the year-ago quarter and above analysts' forecast of 38 cents a share.

Symantec, which is in the throes of a major restructuring effort, reported GAAP net income of $188 million, down from $559 billion in the prior year's quarter.

The company's shares, which gained 0.6% to reach $25.1 during Tuesday's session, plunged 6.37% to $23.50 in extended trading.

For the full fiscal year, Symantec's GAAP net income plunged to $765 million from $1.172 billion in the prior year. In a statement released after market close, the company said that its numbers were as expected, and were driven partly by the sale of its Huawei joint venture.

"Our focus on operational change and repositioning the business in fiscal year 2014 will set the foundation to drive better execution long-term," said Steve Bennett, the Symantec CEO, in the statement. "Never have I been more optimistic about the opportunity in front of us to make a difference for our employees, customers and shareholders."

During the fourth quarter, revenue from Symantec's Security and Compliance business increased 2% year over year, or 4% adjusted for the effects of currency. Storage and Server Management sales grew 7% year over year on both an actual and a currency-adjusted basis, while Consumer grew 1%, or 3% after adjusting for currency.

--Written by James Rogers in New York.

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

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