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Gen Digital Q2 Adj. EPS Meets Estimates; Maintains FY23 Outlook
(RTTNews) - Gen Digital, Inc. (GEN) reported Tuesday that net income for the second quarter surged to $149 million or $0.23 per share from $69 million or $0.12 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $0.47 per share, compared to $0.45 per share in the year-ago quarter.
Net revenues for the quarter increased 27 percent to $948 million from $748 million in the same quarter last year. Constant currency adjusted revenues were down 28 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share on revenues of $945.10 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the third quarter, the company expects earnings in a range of $0.49 to $0.51 per share on revenues between $950 million and $960 million.
Analysts expect earnings of $0.50 per share on revenues of $961.97 million for the quarter.
For fiscal 2024, the company continues to project earnings in a range of $1.95 to $2.00 per share on revenues between $3.810 billion and $3.835 billion. The Street is looking for earnings of $1.98 per share on revenues of $3.83 billion for the year.
Gen's Board of Directors has also approved a regular quarterly cash dividend of $0.125 per common share to be paid on December 13, 2023, to all shareholders of record as of the close of business on November 20, 2023.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
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