Research Desk Line-up: Applied DNA Sciences Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 21, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Symantec Corp. (NASDAQ: SYMC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=SYMC, following the Company's release of its financial results on August 02, 2017, for the first quarter of the fiscal year 2018 (Q1 FY18). The Mountain View, California based Company's non-GAAP diluted earnings per share (EPS) grew 14% y-o-y, beating market consensus expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Security Software & Services industry. Pro-TD has currently selected Applied DNA Sciences, Inc. (NASDAQ: APDN) for due-diligence and potential coverage as the Company announced on August 10, 2017, its financial results for Q3 FY17 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Applied DNA Sciences when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on SYMC; also brushing on APDN. With the links below you can directly download the report of your stock of interest free of charge at:
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Earnings Reviewed
For the three months ended June 30, 2017, Symantec reported total GAAP net revenues of $1.18 billion; rising 33% from $884 million recorded at the end of Q1 FY17. However, GAAP net revenue numbers fell short of market expectations of $1.20 billion. Furthermore, in Q1 FY18, the Company's non-GAAP revenues rose 39% to $1.23 billion from $884 million in Q1 FY17.
In Q1 FY18, the security software maker recorded GAAP net loss of $133 million, or $0.22 loss per diluted share, versus GAAP net income of $135 million, or $0.22 per diluted share, in Q1 FY17. However, the Company's non-GAAP earnings grew to $221 million, or $0.33 per diluted share, from $177 million, or $0.29 per diluted share, in Q1 FY17. Meanwhile, Wall Street had expected non-GAAP net income of $0.30 per diluted share for Q1 FY18.
Operating Metrics
For the three months ended June 30, 2017, the Company reported GAAP gross profit of $918 million, or 78.1% of revenues, compared to $735 million, or 83.1% of revenues, in Q1 FY17. The Company's non-GAAP gross profit came in at $1.03 billion, or 84.0% of revenue, versus $744 million, or 84.2% of revenue, in the prior year's comparable quarter.
During the reported quarter, non-GAAP operating expenses came in at $655 million versus $491 million in last year's same quarter. The Company's non-GAAP operating income increased to $377 million, or 30.7% of revenue, from $253 million, or 28.6% of revenue, in the previous year's comparable quarter.
Segment-Wise
In Q1 FY18, Consumer Digital Safety segment's GAAP revenue was $529 million; rising 31% from $403 million. The segment's GAAP operating income was $230 million compared to $225 million in Q1 FY17.
The Company's Enterprise Security segment's GAAP revenues grew by 34% to $646 million from GAAP revenues of $481 million in Q1 FY17. Meanwhile, the segment's GAAP net income surged to $94 million in Q1 FY18 from $28 million in Q1 FY17.
Cash Flow and Balance Sheet
During the first quarter ended June 30, 2017, Symantec generated $213 million in cash from operating activities versus net cash used in operating activities of $770 million in the first quarter of the fiscal year 2017. Symantec had $2.31 billion in cash and cash equivalents as on June 30, 2017, compared to $4.25 billion as on March 31, 2017. Furthermore, the Company's long-term debt fell during the quarter to stand at $6.20 billion as on June 30, 2017, from $6.88 billion as on March 31, 2017.
Dividend
In its quarterly earnings report the Company's Board of Directors announced for a quarterly cash dividend of $0.075 per common share to be paid on September 13, 2017, to all shareholders of record as of the close of business on August 21, 2017.
Outlook
In its full year guidance for FY18, Symantec expects non-GAAP revenue to be in the range of $5.16 billion to $5.26 billion with non-GAAP operating margin range of 36% to 37%. Furthermore, non-GAAP diluted EPS for full-year FY18 is projected to be between $1.79 and $1.89.
For Q2 FY18, the Company anticipates non-GAAP revenue in the range of $1.26 billion to $1.29 billion, while non-GAAP operating margin is expected to be between 34% and 36%. Additionally, non-GAAP diluted EPS for Q2 FY18 is forecasted to be in the range of $0.40 to $0.44.
Stock Performance
Symantec's share price finished last Friday's trading session at $28.45, advancing 1.46%. A total volume of 7.20 million shares have exchanged hands. The Company's stock price rallied 23.11% in the previous twelve months. Additionally, the stock surged 19.09% since the start of the year. Shares of the Company have a dividend yield of 1.05% and currently have a market cap of $17.33 billion.
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SOURCE: Pro-Trader Daily