SYMANTEC CORP. $25.36 (Nasdaq symbol SYMC; TSINetwork Rating: Average) (1-408-517-8000; www.symantec.com; Shares outstanding: 698.6 million; Market cap: $17.7 billion; Dividend yield: 2.4%) 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 first quarter, which ended June 28, 2013, its revenue rose 2.5%, to $1.75 billion from $1.68 billion a year earlier. The company is doing a good job of selling its products as ongoing subscriptions instead of one-time purchases. Subscriptions now account for 45% of its revenue, up from 44% a year ago.
Earnings per share rose 7.3%, to $0.44 from $0.41. That easily beat the consensus estimate of $0.36.
The company is poised to keep reporting higher earnings as its new restructuring plan takes effect. Under this initiative, Symantec is laying off 30% to 40% of its managers and streamlining its product lines. This should increase its gross profit margin (gross profits as a percentage of revenue) from 25.3% in the latest quarter to at least 30% in fiscal 2015.
In addition, Symantec spends about 15% of its revenue on research, and its restructuring should free up additional cash for this purpose. This spending hurts the company’s earnings but helps it quickly respond to new computer viruses and other online threats. That’s particularly important as more 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 12% of its market cap. It also holds cash of $3.8 billion, or $5.44 a share.
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