SYMANTEC CORP. $23.62 (Nasdaq symbol SYMC; TSINetwork Rating: Average) (1-408-517-8000; www.symantec.com; Shares outstanding: 696.0 million; Market cap: $16.2 billion; Dividend yield: 2.5%) sells computer security technology, including anti-virus and emailfiltering software, to businesses and consumers. It also offers data-archiving software.
In Symantec’s fiscal 2014 second quarter, which ended September 27, 2013, its earnings rose 11.6%, to $355 million, or $0.50 a share. A year earlier, it earned $318 million, or $0.45.
Savings from Symantec’s new restructuring plan were behind the gains. This initiative includes laying off 30% to 40% of its managers and simplifying its product lines.
Revenue fell 3.6%, to $1.6 billion from $1.7 billion. The company was retraining its sales staff as part of its restructuring, which kept it from closing some deals. Lower personal computer demand also hurt its software sales.
Symantec’s restructuring improves its long-term prospects. The plan should raise its gross profit margin (gross profits as a percentage of revenue) from 27.6% in the latest quarter to at least 30% in fiscal 2015.
Meanwhile, the company continues to spend a high 15% of its revenue on research. That hurts its earnings but helps it develop profitable products and respond to new viruses and other online threats. That’s particularly important as businesses shift their sensitive data to a cloud-computing environment.
The company’s strong balance sheet will help it complete its transition. Its long-term debt is $2.1 billion, or just 13.0% of its market cap. It also holds cash of $3.8 billion, or $5.46 a share.
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