EMC reports US$5.1bn consolidated revenue for Q1

19 Apr 2012

EMC Manufacturing, Cork, Ireland

Storage hardware solutions provider EMC Corporation has achieved its ninth consecutive quarter of year-over-year double-digit growth for consolidated revenue, net income and EPS.

EMC’s financial results for the first quarter of 2012 reveal that consolidated revenue totalled US$5.1bn, an increase of 11pc from the same period last year.

First-quarter GAAP net income attributable to EMC increased 23pc year over year to US$587m. Non-GAAP net income attributable to EMC totalled US$818m, marking a 17pc increase compared with the year-ago quarter.

First-quarter GAAP earnings per weighted average diluted share rose 29pc year over year to US$0.27. First-quarter non-GAAP earnings per weighted average diluted share amounted to US$0.37, which is an increase of 19pc year over year.

During the first quarter, EMC generated operating cash flow of US$1.7bn and free cash flow of US$1.4bn, increases of 49pc and 67pc year over year, respectively.

EMC also expanded GAAP and non-GAAP gross margin and operating margin percentages on a year-over-year basis, and ended the quarter with US$10.9bn in cash and investments.

“We are in a time of unprecedented IT and business transformation, propelled by the benefits of cloud computing, big data and trust,” said Joe Tucci, EMC chairman and CEO.

“EMC is off to a strong start to 2012 and is exceptionally well-positioned to help customers take advantage of these major transformational shifts. We have never been more excited about what this great technology company can accomplish and look forward to helping our customers drive maximum value from their IT investments in the years ahead.”

David Goulden, EMC executive vice-president and CFO said EMC’s solid first-quarter results are ongoing proof the company is executing its strategy and on track to deliver its ‘triple play’ – simultaneously taking market share, reinvesting for growth and delivering improved earnings this year.