Stock Monitor: CYREN Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 18, 2018 / If you want access to our free earnings report on Symantec Corp. (NASDAQ: SYMC), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SYMC. The Company reported its financial results on May 10, 2018, for the fourth quarter and full fiscal year ended March 30, 2018. The Company surpassed analysts' estimates for earnings and revenues for Q4 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2018, Symantec's total revenues reached $1.22 billion; reflecting an increase of 9.60% from $1.12 billion in Q4 FY17, due to an increased adoption of the Company's Enterprise Security and Consumer Digital Safety solutions. The Company's total revenue numbers exceeded analysts' consensus forecasts by $40 million.
During the reported quarter, Symantec's total non-GAAP implied billings grew 17.07% to $1.60 billion on a y-o-y basis, as its customers recognized the superior protection, cross-product integration, and the lower overall cost of ownership of its Integrated Cyber Defense platform.
During Q4 FY18, Symantec's cost of revenues was $264 million, 1.93% higher than $259 million in Q4 FY17. The Company's gross profit advanced 11.92% to $958 million in the reported quarter from $856 million in the prior year's same quarter.
Symantec had total operating expenses of $952 million in Q4 FY18, down 7.93% from $1.03 billion in Q4 FY17. For the quarter under review, the Company's sales and marketing (S&M) expenses declined 21.85% to $354 million on a y-o-y basis; its research and development (R&D) expenses advanced 3.61% to $258 million on a y-o-y basis; and its general and administrative (G&A) expenses fell 27.94% to $147 million on a y-o-y basis. Symantec had an operating income of $6 million in Q4 FY18 compared to an operating loss of $178 million in Q4 FY17.
Symantec had a net loss of $35 million, or $0.06 loss per diluted share, in the quarter ended March 30, 2018, versus a net loss of $143 million, or $0.23 loss per diluted share, in the comparable period of last year. The Company's results for the reported quarter included stock-based compensations; amortization of intangible assets; restructuring, transition, and other costs; and income tax effects and adjustments. Symantec's adjusted diluted earnings per share (EPS), after excluding these non-recurring items, were $0.46 in Q4 FY18, up 64.29% from $0.28 in Q4 FY17. The Company's adjusted diluted EPS exceeded analysts' consensus estimates by $0.07 per share.
For the full fiscal year ended March 30, 2018, Symantec's total revenues were $4.85 billion, 20.58% higher than $4.02 billion in FY17. The Company had an operating income of $49 million in FY18 compared to an operating loss of $100 million in the previous year. Moreover, the Company reported a net income of $1.16 billion, or $1.74 per diluted share, in FY18 compared to a net loss of $106 million, or $0.17 loss per diluted share, in FY17. The Company's adjusted diluted EPS, excluding special items, were $1.69 in FY18, up 43.22% from $1.18 in FY17.
During Q4 FY18, Symantec's Enterprise Security segment had total non-GAAP revenues of $609 million, down 7.16% on a y-o-y basis. However, the segment's non-GAAP implied billings jumped 13.58% to $937 million in the reported quarter from $825 million in the previous year's corresponding quarter.
For Q4 FY18, Symantec's Consumer Digital Safety segment had non-GAAP revenues of $613 million, 33.55% higher than in the prior year's same quarter. The Company's non-GAAP implied billings advanced 22.41% to $661 million in Q4 FY18 from $540 million in Q4 FY17.
Symantec had cash and cash equivalents of $1.77 billion as on March 30, 2018, 58.23% lower than $4.25 billion as on March 31, 2017. The Company's long-term debt declined 26.91% to $5.03 billion as on March 30, 2018, from $6.88 billion as on March 31, 2017.
During the three months ended March 30, 2018, Symantec's net cash flow from continuing operating activities was $276 million, a decrease of 12.38% from $315 million in the comparable period of last year.
Symantec spent $37 million on additions to property and equipment in Q4 FY18, 184.62% higher than $13 million in Q4 FY17. The Company distributed dividend and dividend equivalents of $48 million in the reported quarter compared to $49 million in the previous year's corresponding quarter.
For the first quarter of the fiscal year 2019, Symantec expects non-GAAP revenues to be in the range of $1.14 billion to $1.17 billion. The Company expects an operating margin of 26% to 28%, and diluted EPS of $0.31 to $0.35 for Q1 FY19.
For the full fiscal year 2019, Symantec expects non-GAAP revenues to be in the band of $4.76 billion to $4.90 billion. The Company expects an operating margin of 30% to 32%, and diluted EPS of $1.50 to $1.65 for FY19.
Symantec's Board of Directors declared a quarterly cash dividend of $0.075 per common share, to be paid on June 20, 2018, to all shareholders of record as of the close of business on June 08, 2018.
Stock Performance Snapshot
June 15, 2018 - At Friday's closing bell, Symantec's stock was marginally down 0.47%, ending the trading session at $21.26.
Volume traded for the day: 10.31 million shares, which was above the 3-month average volume of 9.21 million shares.
After last Friday's close, Symantec's market cap was at $13.35 billion.
The stock has a dividend yield of 1.41%.
The stock is part of the Technology sector, categorized under the Security Software & Services industry.
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