Symantec improves profit on lower revenues in Q4

Symantec reported higher profit for the fourth quarter, with figures back in the black. Revenues, though a bit lower, were in line with guidance. New interim CEO Richard Hill said the Consumer Cyber Safety segment continued to deliver solid results but that Enterprise Security revenue came below guidance due to lower than expected bookings. As a result, reported billings also went under expectations. Hill said the company will for the segment focus on operational discipline and on increasing sales productivity and margins. 

For the fourth quarter, revenues fell to USD 1.189 billion from 1.210 billion the year before, the operating profit lifted to USD 107 million from 6 million, with an operating margin of 9 percent, and the net result went to USD 34 million or USD 0.05, from a loss of 59 million and 0.10. Reported billings slipped to USD 1.332 billion from 1.598 billion. 

Full year revenues declined to USD 4.731 billion from 4.834 billion, though the operating profit advanced to 380 million form 49 million. The net profit however decreased to USD 31 million from 1.138 billion, with diluted EPS falling to USD 0.02 from 1.70. 

Looking towards the first quarter, Symantec sees revenues at USD 1.171-1.201 billion, the operating margin at USD 5-7 percent, and EPS at USD 0.01-0.05. For the full year, revenues are forecast at USD 4.750-4.890 billion, the operating margin at 13-15 percent, and EPS at USD 0.57-0.73.