McAfee, Bullish, Beats Q4 Estimates
Story updated with stock repurchase information.
SANTA CLARA, Calif. (
) --
McAfee
(MFE)
comfortably beat analysts' sales estimates in its fourth quarter results
and gave bullish guidance for the current quarter.
The security software maker also announced the retirement of CFO/COO Rocky Pimentel, who will be leaving the company later this year. McAfee said it has already started searching for a new CFO and expects to make the hire before the end of this year. Pimentel will remain in his role to help ease the transition.
McAfee reported revenue of $525.7 million after market close, up from $424 million in the same period last year and well above analysts' forecast of $514.81 million.
McAfee's CEO, Dave DeWalt |
Excluding items, McAfee earned 64 cents a share, up from 53 cents a year in the prior year's quarter. Analysts surveyed by Thomson Reuters had predicted earnings of 64 cents a share.
For the current quarter, McAfee expects revenue between $500 million and $520 million, at the high end of Wall Street's forecast of $507.3 million. Excluding items, the company forecast profit between 60 cents a share and 64 cents a share, compared to analysts' estimate of 63 cents a share.
Repeatedly highlighted as
an attractive option for investors, McAfee
was one of
TheStreet
's
top tech picks for 2009
.
Seen as one of the
TST Recommends
stocks, McAfee has been
at rival
Symantec's
(SYMC) - Get Report
market share.
"We increased market share in all four quarters
of fiscal 2009," said CEO Dave DeWalt during a conference call after market close on Thursday. "Revenue reached $1.9 billion, an increase of 20% over 2008."
The company also announced a stock repurchase program of up to $500 million through December 2011.
McAfee's shares, however, dipped 24 cents, or 0.63%, to $37.65 in extended trading.
Rival Symantec recently swung to a profit in its third-quarter results
, although
investors were underwhelmed by the firm's weak fourth-quarter guidance
.
-- Reported by James Rogers in New York
Follow James Rogers on
and become a fan of
TheStreet.com
on
