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MOUNTAIN VIEW, Calif. – Cybersecurity company Symantec Corp. said Wednesday that its fiscal fourth-quarter profit tripled thanks to the sale of a joint venture, even as its revenue was flat.
The company said that during the quarter that ended March 31, its net income was $559 million, or 76 cents per share, compared with $168 million, or 22 cents per share, in the same period a year before.
The company said it booked a gain of $526 million from selling its share in the Huawei-Symantec joint venture to partner Huawei. The venture provides network security and data storage to businesses.
Symantec reported adjusted net income excluding one-time items of 38 cents per share, which was unchanged from a year earlier.
Analysts had been expecting adjusted net income of 39 cents per share, according to a survey by FactSet.
Revenue during the quarter was essentially flat at $1.68 billion, compared to $1.67 billion in the same period a year before. That was due to a drop in licensing revenue that offset gains from content, subscription and maintenance sales.
Analysts had been expecting revenue of $1.69 billion, according to FactSet.
For the full fiscal year, the company reported net income of $1.17 billion, or $1.57 per share, up from $597 million, or 76 cents per share, in fiscal 2011.
Revenue for the year rose 9 percent to $6.73 billion from $6.19 billion.
The company said it expects first-quarter revenue of $1.65 billion to $1.66 billion, which would be roughly the same as a year earlier. Analysts expect $1.67 billion on average, according to FactSet.
The company expects adjusted net income in the current quarter of 37 cents to 38 cents per share, which would be a drop of 5 percent to 7.5 percent from a year earlier. Analysts are expecting adjusted net income of 39 cents per share, according to FactSet.
Shares of Symantec fell 13 cents to $16.30 after hours following the report. They had gained 2 cents to end regular trading at $16.43.
Article source: http://www.cnbc.com/id/47271369