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McAfee 3Q Profit Drops, Boosts Outlook

Posted by inet - 2005-10-29

Antivirus software maker McAfee Inc. on Thursday said third-quarter profit fell sharply from the year before, when a gain from selling assets boosted results.

But the company lifted its full-year earnings and revenue outlook. Shares fell 94 cents to close at $30.66 on the New York Stock Exchange, and lost an additional 6 cents during after-hours activity.

Net income dropped to $22.6 million, or 13 cents per share, from $118.1 million, or 70 cents, in the year-ago period, which included a gain of $187.2 million. The latest period included a reserve of $50 million to potentially settle an investigation with the Securities and Exchange Commission related to past financial statements. Excluding items, latest-quarter earnings were $63 million, or 37 cents per share.

The company's adjusted profit compared with the average estimate of 29 cents per share from analysts surveyed by Thomson Financial.

Revenue totaled $252.9 million, up 14 percent from $221.6 million a year earlier and beating analysts' consensus target of $240.3 million.

Fourth-quarter earnings are expected to range from 33 cents to 39 cents per share, with sales totaling $255 million to $280 million. For the year, the company raised its forecast to a range of $1.28 to $1.34 per share on $990 million to $1.02 billion in revenue, from an earlier estimate of $1.20 to $1.25 per share on $980 million to $1 billion in revenue.

In 2006, McAfee is expecting to earn between $1.35 and $1.50 per share on revenue of $1.15 billion to $1.25 billion.

Analysts currently see fourth-quarter income of 37 cents per share and $271.8 million in revenue, 2005 earnings of $1.24 per share and $992.6 million in revenue and 2006 income of $1.38 per share on $1.08 billion in revenue.

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