Yahoo Finance Gen Digital Inc (GEN) Fiscal 2024 Earnings: Aligns with Analyst EPS Projections Amidst Record ...
Annual Revenue: Reached $3,812 million, a 14% increase year-over-year, narrowly surpassing the estimate of $3,810.81 million.
Quarterly Revenue: Reported at $967 million, showing a modest 2% growth year-over-year and slightly exceeding the estimated $965.03 million.
Annual Net Income: Totaled $616 million, significantly below the estimated $1,260.26 million.
Quarterly Net Income: Stood at $134 million for the quarter, falling short of the estimated $333.41 million.
Non-GAAP Diluted EPS: For the year was $1.96, aligning with annual estimates and reflecting an 8% increase from the previous year.
Quarterly Non-GAAP Diluted EPS: Increased by 15% to $0.53, slightly exceeding the estimated $0.52 per share.
Operating Cash Flow: Annual operating cash flow was strong at $2,064 million, indicating robust operational efficiency.
On May 9, 2024, Gen Digital Inc (NASDAQ:GEN), a leading cybersecurity firm, disclosed its financial results for the fourth quarter and full fiscal year 2024, which concluded on March 29, 2024. The company, known for its robust portfolio of Cyber Safety brands including Norton, Avast, and LifeLock, has released its earnings details in its recent 8-K filing. This report highlights a year of strategic achievements and financial growth, underscored by a significant alignment with analyst projections for EPS, and a slight surpass in revenue forecasts.
Annual Financial Highlights
For fiscal year 2024, Gen Digital reported a revenue of $3,812 million, marking a 14% increase in USD terms and aligning closely with the estimated revenue of $3,810.81 million projected by analysts. The non-GAAP diluted EPS was $1.96, showing an 8% increase in USD and an 11% increase in constant currency, perfectly aligning with the annual EPS estimate of $1.95. Despite a challenging global economic environment, the company achieved record profitability and a fifth consecutive year of organic growth.
Quarterly Performance Insights
In the fourth quarter of fiscal 2024, Gen Digital achieved revenues of $967 million, a 2% rise in USD and a 3% increase in constant currency, slightly above the analyst's expectation of $965.03 million. The non-GAAP diluted EPS for the quarter stood at $0.53, up 15% in USD and 16% in constant currency, surpassing the quarterly EPS estimate of $0.52.
Operational and Strategic Developments
Throughout the year, Gen Digital focused on integrating its portfolio and launching innovative solutions aimed at enhancing digital security for consumers globally. The company's strategic initiatives have been geared towards expanding its market reach and enhancing user engagement, which is reflected in the growing direct customer count and improved operating margins.
Financial Position and Future Outlook
The balance sheet of Gen Digital remains robust with total assets amounting to $15,772 million as of March 29, 2024. The company has also been proactive in managing its capital structure, as evidenced by a significant share repurchase program valued at $3 billion and the regular quarterly cash dividend announcement of $0.125 per common share.
Challenges and Forward-Looking Statements
Despite the positive outcomes, Gen Digital faces ongoing challenges including intense competition in the cybersecurity market and the need to continuously innovate to stay ahead of rapidly evolving digital threats. The company's future performance will be crucially dependent on its ability to maintain customer loyalty and adapt to technological advancements.
Conclusion
Gen Digital Inc's fiscal 2024 results demonstrate a resilient business model and a strong commitment to shareholder returns. As the company continues to navigate a complex global landscape, its focus on innovation and strategic growth initiatives positions it well for sustained success in the cybersecurity industry.
For detailed financial figures and future projections, please refer to the official documents on Gen Digital's investor relations webpage.
Explore the complete 8-K earnings release (here) from Gen Digital Inc for further details.
This article first appeared on GuruFocus.
