SYMANTEC CORP. $20.76 (Nasdaq symbol SYMC; TSINetwork Rating: Average) (1-408-517-8000; www.symantec.com; Shares outstanding: 691.6 million; Market cap: $14.3 billion; Dividend yield: 2.9%) sells computer-security technology, including anti-virus and email-filtering software, to businesses and consumers. It also offers data-archiving software.
In Symantec’s fiscal 2014 third quarter, which ended December 27, 2013, its earnings per share rose 13.3%, to $0.51 from $0.45 a year earlier. The gains were mainly due to savings from a new restructuring plan that includes laying off 30% to 40% of its managers and simplifying its product lines.
Revenue fell 4.8%, to $1.7 billion from $1.8 billion. That’s mainly because the company is retraining its sales staff as part of its restructuring, and that disrupted their closing of new deals. Slow computer sales have also hurt demand for anti-virus software.
Symantec’s stock has regained most of the ground it lost after the company suddenly fired its chief executive officer on March 20. Symantec’s restructuring plan is boosting its profits, but it’s taking longer than originally planned. This was the main reason why the company decided to replace its CEO.
The situation has fuelled speculation that Symantec could be an attractive takeover target for a larger technology company or private investors.
In response, Symantec has hired an investment-banking firm to help it evaluate several options, including breaking itself up into two separate firms: one would focus on security software, while the other would provide data-storage services.
The company’s search for a new CEO adds uncertainty, but its restructuring should pay off. The possibility of a takeover or breakup adds further appeal.
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