EMC published Q3 2012 financial results
EMC Corporation (NYSE:EMC) today reported financial results for the third quarter of 2012, highlighted by record third-quarter consolidated revenue, net income and EPS.
Third-quarter consolidated revenue was $5.28 billion, an increase of 6% compared with the year-ago quarter. Third-quarter GAAP net income attributable to EMC increased 3% year over year to $626 million. Third-quarter GAAP earnings per weighted average diluted share increased 4% year over year to $0.28. Non-GAAP1 net income attributable to EMC for the third quarter was $881 million, an increase of 7% compared with the year-ago quarter. Third-quarter non-GAAP1 earnings per weighted average diluted share were $0.40, an increase of 8% year over year.
During the third quarter, EMC generated operating cash flow of $1.44 billion and free cash flow2 of $1.14 billion, a year-over-year increase of 12% and 16%, respectively. Additionally, the company ended the quarter with $10.6 billion in cash and investments.
Joe Tucci, EMC Chairman and Chief Executive Officer, said, “EMC’s third-quarter revenue and profit growth reflect the resiliency of our business in a more uncertain global economic environment. We remain very well positioned to capitalize on — and drive — the transformative trends of cloud computing, Big Data and trusted IT. These major waves of change in IT become increasingly more important to customers and partners as they navigate through a cyclical slowdown, look to gain maximum value from their investments, and focus on their longer-term IT and business transformations.”
David Goulden, EMC President and Chief Operating Officer, said, “For the third quarter, EMC’s business continued to grow faster than overall IT spending growth and we gained market share in what turned out to be a more cautionary environment than we expected heading into the quarter. We remain extremely confident in our strategy, best-of-breed product portfolio and solid operational and financial model. Going forward, we fully believe that EMC will continue to grow faster than our addressable markets and take share, reinvest for the future, and deliver earnings leverage for shareholders.”
Third-quarter consolidated revenue was $5.28 billion, an increase of 6% compared with the year-ago quarter. Third-quarter GAAP net income attributable to EMC increased 3% year over year to $626 million. Third-quarter GAAP earnings per weighted average diluted share increased 4% year over year to $0.28. Non-GAAP1 net income attributable to EMC for the third quarter was $881 million, an increase of 7% compared with the year-ago quarter. Third-quarter non-GAAP1 earnings per weighted average diluted share were $0.40, an increase of 8% year over year.
During the third quarter, EMC generated operating cash flow of $1.44 billion and free cash flow2 of $1.14 billion, a year-over-year increase of 12% and 16%, respectively. Additionally, the company ended the quarter with $10.6 billion in cash and investments.
Joe Tucci, EMC Chairman and Chief Executive Officer, said, “EMC’s third-quarter revenue and profit growth reflect the resiliency of our business in a more uncertain global economic environment. We remain very well positioned to capitalize on — and drive — the transformative trends of cloud computing, Big Data and trusted IT. These major waves of change in IT become increasingly more important to customers and partners as they navigate through a cyclical slowdown, look to gain maximum value from their investments, and focus on their longer-term IT and business transformations.”
David Goulden, EMC President and Chief Operating Officer, said, “For the third quarter, EMC’s business continued to grow faster than overall IT spending growth and we gained market share in what turned out to be a more cautionary environment than we expected heading into the quarter. We remain extremely confident in our strategy, best-of-breed product portfolio and solid operational and financial model. Going forward, we fully believe that EMC will continue to grow faster than our addressable markets and take share, reinvest for the future, and deliver earnings leverage for shareholders.”