McAfee - McAfee 1Q Profit Climbs 14 Percent

McAfee 1Q Profit Climbs 14 Percent

McAfee 1st-Quarter Profit Climbs 14 Percent, Well Above Analyst Expectations
SANTA CLARA, Calif. (AP) -- Antivirus and security software maker McAfee Inc. said on Thursday its first-quarter profit nudged up 14 percent from last year, and excluding stock option expenses, results sailed past analysts' expectations.
Income for the quarter was $40.9 million, or 25 cents per share, up from $36 million, or 21 cents per share, last year. Excluding stock option expenses, earnings for the recent quarter were $62 million, or 37 cents per share. Revenue for the quarter was $272 million, up 15 percent from $235.7 million last year.

Analysts -- who typically exclude extraordinary items from their forecasts -- expected the company to earn, on average, 30 cents per share on $262.2 million in revenue, according to a Thomson Financial poll.
"McAfee demonstrated strong growth across the business this quarter, achieving double-digit growth across consumer and strong demand for our network protection, anti-spyware and Foundstone Services," George Samenuk, chairman and chief executive said in a prepared statement.
Looking ahead to the second quarter, the company expects to earn 27 cents to 32 cents per share on $260 million to $280 million in revenue. Analysts expect the company to earn 31 cents per share on $268.6 million in revenue
For the full year, the company projects earnings of $1.25 to $1.40 per share on $1.05 billion to $1.15 billion in revenue. Analysts expect the company to earn $1.28 per share on $1.1 billion in revenue.
Shares of McAfee were trading at $25.72 in the after-hours session, up $1.14, or 4.6 percent, from Thursday's closing price of $24.58 on the New York Stock Exchange. The stock has ranged between $20.35 and $33.24 over the past year.