|
Symantec set for higher profit, revenue on Veritas |
|
|
|
|
Friday, 27 January 2006 |
LOS ANGELES (MarketWatch) -- Symantec Corp. on Tuesday is expected to report its quarterly profit nudged higher and revenue surged as it reaped the benefits of its big acquisition of Veritas Software.
Wall Street analysts, on average, expect Symantec (SYMC) to report a fiscal third-quarter profit of 25 cents a share, up from 24 cents a share in the corresponding period a year earlier, according to a Thomson First Call survey.
Revenue at the Cupertino, Calif.-based security and storage software firm is expected to nearly double following Symantecs purchase of Veritas. The average estimate calls for the firms revenue to climb to $1.27 billion for the period to Dec. 31 from $695.2 million.
Symantec, which makes the popular Norton line of antivirus and security software, finalized its near $11 billion purchase of Veritas in July. The deal was one of the software industrys biggest mergers ever and created one of the worlds largest software firms.
Analyst Jonathan Ruykhaver at Raymond James & Associates expects Symantecs results to be in line with his estimates calling for earnings to meet the average expectation as revenue hits $1.26 billion.
"We believe the company saw strength in the Veritas business, which historically has a strong calendar fourth quarter," he told clients in a recent note.
He rates Symantec shares market perform.
Also on Tuesday, Fiserv Inc. (FISV) is expect to post a fourth-quarter profit of 56 cents a share, up from 50 cents a share a year ago.
Revenue at the Brookfield, Wis.-based check processor and provider of tech services to the financial industry is projected to nudge up 1.8% to $983.8 million from $966.4 million.
Among other companies reporting results next week, on Monday Israel-based security technology firm Check Point Software Technologies Ltd. (CHKP) is seen posting a fourth-quarter profit of 35 cents a share on revenue of $158.4 million -- up from 31 cents a share and $143.1 million, respectively. |