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.

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