Symantec delivers solid outlook, sees more streamlining ahead

Symantec's fourth quarter was solid as was its outlook relative to expectations, but a new management team said more efficiency is needed.

Symantec fourth quarter results and outlook for the fiscal year ahead showed stability amidst management changes.

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The company reported fiscal fourth quarter earnings of $217 million, or 31 cents a share, on revenue of $1.625 billion. Non-GAAP earnings for the quarter were 47 cents a share, a nickel better than expectations.

For fiscal 2014, Symantec reported earnings of $898 billion on revenue of $6.68 billion.

As for the outlook, Symantec expects non-GAAP earnings of 41 cents a share to 43 cents a share on revenue of $1.65 billion to $1.69 billion. Wall Street is looking for 43 cents a share on revenue of $1.64 billion.

For fiscal 2015, Symantec said it expects to report non-GAAP earnings of $1.84 a share and $1.92 a share on revenue of $6.63 billion to $6.77 billion. Wall Street is expecting earnings of $1.83 cents a share on revenue of $6.66 billion.

Interim CEO Michael Brown said the company can grow and has the right team in place. CFO Thomas Seifert said Symantec sees "further opportunities to streamline our operations." Symantec, which declared antivirus software doomed ousted former CEO Michael Bennett in March. 

By geography, Symantec's international revenue fell 6 percent and U.S. revenue fell 9 percent. Asia Pacific & Japan had the toughest time in the quarter as revenue fell 11 percent. Deferred revenue in the quarter was down 4 percent to $3.9 billion.




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