Why Symantec Is Friday’s Big Earnings Winner

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When Symantec Corp. (NASDAQ: SYMC) released its most recent quarterly results after the markets closed on Thursday, it also announced a couple big changes at the top of its organization.

The firm said that it had $0.44 in earnings per share (EPS) and $1.21 billion in revenue. Thomson Reuters had consensus estimates of $0.39 in EPS and $1.18 billion in revenue. The fiscal third quarter of last year reportedly had $0.49 in EPS and $1.23 billion in revenue.

The Symantec board of directors declared a quarterly cash dividend of $0.075 per common share to be paid on March 13, 2019, to all shareholders of record as of the close of business on February 19, 2019.

During the most recent quarter, cash flow from operating activities of $377 million. Cash, cash equivalents and short-term investments totaled $2.58 billion, up from $2.16 billion at the end of the previous fiscal year.

Looking ahead to the fiscal fourth quarter, Symantec expects to see EPS in the range of $0.37 to $0.41 and revenue between $1.19 billion and $1.22 billion. Consensus estimates call for $0.38 in EPS and $1.21 billion in revenue for the quarter.

Symantec also made a few changes to its senior leadership. The firm announced that Nicholas Noviello will be stepping down from his role as executive vice president and chief financial officer in the coming months to pursue other opportunities. Noviello will continue as CFO until a successor is appointed and will assist in a smooth transition. The firm is initiating a comprehensive search to identify a new CFO.

Separately, the firm announced that its board of directors appointed Matthew Brown, who is currently its corporate controller, to the position of chief accounting officer, effective immediately.

Shares of Symantec were last seen up about 12% at $23.56, in a 52-week range of $17.43 to $29.20. The consensus price target is $22.77.