SYMANTEC CORP. $25.19 (Nasdaq symbol SYMC; TSINetwork Rating: Average)(408-517-8000; www.symantec.com; Shares outstanding: 690.1 million; Market cap: $17.4 billion; Dividend yield: 2.4%) sells computersecurity technology, including antivirus and emailfiltering software, to businesses and consumers.
In its fiscal 2015 second quarter, which ended October 3, 2014, Symantec’s earnings fell 7.5%, to $332 million from $359 million a year earlier. Per-share earnings declined 5.9%, to $0.48 from $0.51, on fewer shares outstanding. Revenue slipped 1.2%, to $1.62 billion from $1.64 billion.
The declines are mainly because consumers bought less security software and Symantec spent a high 17% of its revenue on research. But the company continues to restructure, including cutting jobs and simplifying product lines. That should lift its profits.
Symantec expects to earn $1.88 to $1.93 a share for all of fiscal 2015. The stock trades at a low 13.2 times the midpoint of that range.
The company still plans to split in two by the end of 2015. One firm will keep the Symantec name and focus on antivirus and security software and services. The other will consist of Symantec’s informationmanagement operations, which include products for data backup and recovery.
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