SYMANTEC CORP. $24.28 (Nasdaq symbol SYMC; TSINetwork Rating: Average) (408-517-8000; www.symantec.com; Shares outstanding: 692.7 million; Market cap: $16.7 billion; Dividend yield: 2.5%) sells computer-security technology, including anti-virus and email-filtering software, to businesses and consumers. It also offers data-archiving software.
In its fiscal 2015 first quarter, which ended July 4, 2014, Symantec’s earnings rose 0.6%, to $313 million from $311 million a year earlier. Per-share earnings gained 2.3%, to $0.45 from $0.44, on fewer shares outstanding. Revenue rose 1.5%, to $1.74 billion from $1.71 billion.
The gains were mostly due to savings from a new restructuring plan that includes job cuts and simplifying product lines. In addition, Symantec separated its sales force into two groups: one focuses on winning new clients, and the other serves existing customers.
Symantec’s stock has regained all of the ground, and more, that it lost after suddenly firing its chief executive officer on March 20, 2014. Symantec’s restructuring was taking longer than it originally planned, which was the main reason why it decided to replace its CEO.
The company is still searching for a new CEO, and that adds uncertainty to its outlook. But its restructuring is now paying off and should let Symantec report earnings of $1.85 a share this year. The stock trades at just 13.1 times that estimate.
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