Symantec misses by $0.03, misses on revs; increases buyback; stock halted
Reports Q1 (Jun) earnings of $0.40 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.43; revenues fell 13.6% year/year to $1.5 bln vs the $1.53 bln consensus. Revenue was flat in Q1, adjusting for currency and an extra week in the June 2014 quarter.
- Separately, Symantec announced a definitive agreement to sell its information management business, Veritas, to a group of investors led by The Carlyle Group for $8 billion. The deal is expected to close by January 1, 2016.
- Increases share repurchase authorization to $2.6 billion. Intends to maintain our dividend at $0.15 per common share, which represents an increased and attractive payout ratio for a company of Symantec's size post-separation.
- Stock is set to resume trading at 7:30 ET