EMC Corporation today reported third-quarter 2014 financial results, including record third-quarter consolidated revenue of $6 billion, an increase of 9% year over year. GAAP net income attributable to EMC was $587 million. GAAP earnings per weighted average diluted share was $0.28, up 4% year over year. Non-GAAP1 net income attributable to EMC was $903 million. Non-GAAP1 earnings per weighted average diluted share was $0.44, up 10% year over year.
EMC generated $1.7 billion in operating cash flow and $1.3 billion in free cash flow2 in the third quarter. EMC ended the quarter with $15.4 billion in cash and investments. The company repurchased approximately $375 million worth of its common stock in the third quarter and returned approximately $240 million to shareholders via a quarterly dividend.
Joe Tucci, EMC Chairman and Chief Executive Officer, said, “EMC’s continued momentum is evidence that our strategy and execution are working. Our strategically aligned businesses – EMC Information Infrastructure, VMware, Pivotal and RSA – are well positioned to capitalize on the massive IT market opportunity in front of us. From my conversations with customers, it’s clear that we have the right best-of-breed technologies in cloud, mobile, Big Data and security, and offer a level of choice and flexibility second-to-none. We are extremely well positioned to help customers maximize their existing IT platforms and build a 3rd IT platform to redefine their businesses with a whole generation of new applications.”
David Goulden, CEO of EMC Information Infrastructure, said, “EMC’s solid third-quarter performance was in line with our expectations, as customers continue to seek strong and well-equipped partners to help them achieve their new IT goals. EMC is growing faster than many of our peers because we continue to make the right strategic investments – assembling a leading portfolio of technology assets over several years – that enable customers to use cloud, mobile, Big Data and security technologies to create competitive advantage.”
Zane Rowe, EMC CFO, added, “These results demonstrate the soundness of EMC’s strategy, a formula combining industry-leading assets, talent, and a uniquely flexible business model that puts customer choice first. Following my first three weeks at EMC I can say, without hesitation, that I am excited to be part of a company that is central to this future-defining industry transformation, and look forward to being part of the team helping EMC create value for shareholders, customers and
To view an unabridged version of this press release, visit: http://www.emc.com/about/news/press/2014/20141022-earnings.htm
